- Melbourne, Victoria, Australia
Vinita Godinho
RMIT University, Business Management, Faculty Member
As a key enabler for development, financial inclusion is firmly placed on the agenda of most governments as a key policy priority. Against this background, this round table provides a global and regional perspective on the policies and... more
As a key enabler for development, financial inclusion is firmly placed on the agenda of most governments as a key policy priority. Against this background, this round table provides a global and regional perspective on the policies and practices of financial inclusion. Using macro data, the collection reveals the diversity in the efforts towards achieving financial inclusion and the need for a progressive approach in financial inclusion. Further to this, the round table provides the regional perspectives on the policies and practices of financial inclusion in India, South Africa, and Australia.
Research Interests: Financial Inclusion, Asymmetric Information and Financial Inclusion Policy for Micro and Small Enterprises, Financial Inclusion -finacial literacy, Comparative Analysis of Financial Inclusion, Microfinance and Financial Inclusion, and 3 moreMobile Banking Is Tool for Financial Inclusion, Effectiveness of Financial Inclusion in Rural Unbanked Areas, and Barriers to Financial Inclusion
Indigenous people are amongst the most financially excluded community in Australia i.e. lack access to safe, affordable and appropriate financial services (Connolly et al 2013). Though most have access to a bank account, a... more
Indigenous people are amongst the most financially excluded community in Australia i.e. lack access to safe, affordable and appropriate financial services (Connolly et al 2013). Though most have access to a bank account, a disproportionately
high percentage is ‘under-banked’ i.e. lacks access to financial products and services from mainstream providers, relying instead on the informal or alternative finance sector for their financial needs.
Collaborative, cross-sectoral efforts by the government, industry and community to improve Indigenous financial inclusion have not yielded much success. Literature on money and financial management in Indigenous Australia is patchy,
with few studies focusing on how Indigenous people themselves understand, want to use and manage money. Banking policy and product design in Australia are
heavily influenced by middle-income, ‘Anglo-Celtic’ (non-Indigenous) understandings of money.
Using a research paradigm which privileges Indigenous understandings, we examine the cultural shaping of money in remote Indigenous communities i.e. study ‘Indigenous money’. The Indigenous research paradigm, and associated Indigenous
research methodologies allow us to ‘see’ money through the eyes of our Indigenous participants. We find that it is as important to listen to our participants’ silences, as well as their stories about money. Our participants’ drawings about money also expose deep-seated beliefs, values and feelings, which conversations alone cannot capture.
This ‘deep listening’ allows us to learn how history, culture and relationships (family and community) have influenced modern-day ‘Indigenous money’. This culturally distinctive understanding of money influences many aspects of daily financial decision-making for our Indigenous participants living in remote communities. This paper describes how the researchers learned to listen to the participants’ silences, and ‘read’ the stories embedded in their art, instead of just focusing on listening to their stories.
high percentage is ‘under-banked’ i.e. lacks access to financial products and services from mainstream providers, relying instead on the informal or alternative finance sector for their financial needs.
Collaborative, cross-sectoral efforts by the government, industry and community to improve Indigenous financial inclusion have not yielded much success. Literature on money and financial management in Indigenous Australia is patchy,
with few studies focusing on how Indigenous people themselves understand, want to use and manage money. Banking policy and product design in Australia are
heavily influenced by middle-income, ‘Anglo-Celtic’ (non-Indigenous) understandings of money.
Using a research paradigm which privileges Indigenous understandings, we examine the cultural shaping of money in remote Indigenous communities i.e. study ‘Indigenous money’. The Indigenous research paradigm, and associated Indigenous
research methodologies allow us to ‘see’ money through the eyes of our Indigenous participants. We find that it is as important to listen to our participants’ silences, as well as their stories about money. Our participants’ drawings about money also expose deep-seated beliefs, values and feelings, which conversations alone cannot capture.
This ‘deep listening’ allows us to learn how history, culture and relationships (family and community) have influenced modern-day ‘Indigenous money’. This culturally distinctive understanding of money influences many aspects of daily financial decision-making for our Indigenous participants living in remote communities. This paper describes how the researchers learned to listen to the participants’ silences, and ‘read’ the stories embedded in their art, instead of just focusing on listening to their stories.
Research Interests: Indigenous Studies, Indigenous or Aboriginal Studies, Indigenous education, Indigenous Research Methodologies, Indigenous Knowledge, and 6 moreIndigenous Peoples, Indigenous knowledge systems, Indigenous research methodology, Indigenous Visual Arts, Indigenous financial inclusion, and Indigenous Money Management
This PhD Thesis explores the understanding of money in Indigenous Australia, and how this influences Indigenous participants' world-views on financial capability and well-being. The study creates a culturally-shaped sociology of money,... more
This PhD Thesis explores the understanding of money in Indigenous Australia, and how this influences Indigenous participants' world-views on financial capability and well-being. The study creates a culturally-shaped sociology of money, by comparing and contrasting the participants' views vis-a-vis literature on 'Anglo-Celtic' money in middle-income households, which underlies the banking system in Australia.
Research Interests: Indigenous Studies, Indigenous education, Indigenous Knowledge, Indigenous Peoples Rights, Indigenous Peoples, and 5 moreIndigenous ecological knowledges and practices, Financial Inclusion, Financial Inclusion -finacial literacy, Mobile Banking Is Tool for Financial Inclusion, and Indigenous financial inclusion
Indigenous people are over-represented amongst three million financially excluded Australians, yet their financial lives have largely been studied from ‘Western’ viewpoints. Studies offer limited explanation as to why Indigenous exclusion... more
Indigenous people are over-represented amongst three million financially excluded Australians, yet their financial lives have largely been studied from ‘Western’ viewpoints. Studies offer limited explanation as to why Indigenous exclusion persists, no matter where they are located. Cultural obligations are often identified as a barrier to financial inclusion. Using an Indigenous research paradigm, I examine money in remote, regional and urban Indigenous communities (‘Indigenous money’) based on Zelizer’s theory of the social and cultural shaping of money.
I find historical, cultural and familial factors have influenced participants’ views on money and financial well-being. ‘Indigenous money’ is culturally distinctive from middle-income, ‘Anglo-Celtic’ understandings of money, which underlie banking policy in Australia. ‘Indigenous money’ is ‘disconnected’ from important elements of participants’ socio-cultural world-view, including traditional knowledge systems, social norms, and their sense of cultural identity. These findings may explain why Indigenous Australians have difficulty in accessing banking and developing financial skills.
The policy agenda to ‘close the gap’ in Indigenous disadvantage includes promoting financial literacy via the formal education system. However participants suggest capability-building should come from within the community. Participating elders want to resist ‘assimilative’ pressures and lead efforts to find the ‘right way’ for Indigenous people to confidently use money to achieve their own goals, whilst retaining their cultural identity.
I find historical, cultural and familial factors have influenced participants’ views on money and financial well-being. ‘Indigenous money’ is culturally distinctive from middle-income, ‘Anglo-Celtic’ understandings of money, which underlie banking policy in Australia. ‘Indigenous money’ is ‘disconnected’ from important elements of participants’ socio-cultural world-view, including traditional knowledge systems, social norms, and their sense of cultural identity. These findings may explain why Indigenous Australians have difficulty in accessing banking and developing financial skills.
The policy agenda to ‘close the gap’ in Indigenous disadvantage includes promoting financial literacy via the formal education system. However participants suggest capability-building should come from within the community. Participating elders want to resist ‘assimilative’ pressures and lead efforts to find the ‘right way’ for Indigenous people to confidently use money to achieve their own goals, whilst retaining their cultural identity.
Research Interests: Indigenous Studies, Indigenous education, Action Research (Indigenous Health), Indigenous Research Methodologies, Indigenous Knowledge, and 5 moreIndigenous Peoples, Indigenous ecological knowledges and practices, Financial Inclusion, Financial Inclusion -finacial literacy, and Mobile Banking Is Tool for Financial Inclusion
Mobile technologies are proving transformative in enabling financial inclusion across both the developing and developed worlds. Policymakers in developing countries are at the forefront of innovative financial inclusion policies. In... more
Mobile technologies are proving transformative in enabling financial inclusion across both the developing and developed worlds. Policymakers in developing countries are at the forefront of innovative financial inclusion policies. In Australia however, the nearly universal access to banking draws attention away from a growing underbanked population, and technology-enabled financial inclusion is not yet on the policy radar. Remote Indigenous communities are the most financially and digitally excluded group in Australia. The literature on the use of mobile phones in these communities, and patterns of money management and banking is fragmentary. For underbanked Indigenous participants, their remoteness, combined with cultural preferences for face to face banking, means that many people pay higher account keeping and transaction fees. Though many have access to mobile phones (half of which are smart phones), mobile phone banking is not yet popular. An ongoing study of money, banking and mobile phones in remote Indigenous Australia frames the design and policy problems for industry and government. It outlines a methodology for gaining evidence about the underbanked and identifying user problems. It also suggests ways of designing ‘culturally appropriate’ financial products, services and education programs, which can be followed to address financial exclusion of other underbanked communities in Australia.
Research Interests:
Governments and policy makers across the globe are working on ways to improve financial inclusion. Although most Australians are ‘banked’, one in five is ‘under-banked’ (ie. lacks access to affordable, appropriate financial products and... more
Governments and policy makers across the globe are working on ways to improve financial inclusion. Although most Australians are ‘banked’, one in five is ‘under-banked’ (ie. lacks access to affordable, appropriate financial products and services from mainstream providers). Indigenous Australians are the most financially excluded community, whilst other culturally and linguistically diverse (CALD) groups (from non-English speaking backgrounds) are also over-represented.
Collaborative, cross-sectoral efforts by the government, industry and community to improve Indigenous financial inclusion are yet to yield significantly positive outcomes. Literature on money and financial management in Indigenous Australia is patchy. Few studies focus on how Indigenous people understand, want to use or manage money. Banking
policy and product design is heavily influenced by middle-income, ‘Anglo-Celtic’ (non-Indigenous) understandings of money. To remain inclusive, given Australia’s increasingly multi-cultural population, the financial ecosystem must
recognize how different cultures understand money and want to manage their finances.
Combining principles of ‘both-ways’ learning with an Indigenous research paradigm, this paper demonstrates a methodology for studying the understanding of money in remote Indigenous Australia, which can be applied to other underbanked CALD communities. These findings also have implications for government and industry policymakers, for the design of more ‘culturally appropriate’ and sustainable financial inclusion.
Collaborative, cross-sectoral efforts by the government, industry and community to improve Indigenous financial inclusion are yet to yield significantly positive outcomes. Literature on money and financial management in Indigenous Australia is patchy. Few studies focus on how Indigenous people understand, want to use or manage money. Banking
policy and product design is heavily influenced by middle-income, ‘Anglo-Celtic’ (non-Indigenous) understandings of money. To remain inclusive, given Australia’s increasingly multi-cultural population, the financial ecosystem must
recognize how different cultures understand money and want to manage their finances.
Combining principles of ‘both-ways’ learning with an Indigenous research paradigm, this paper demonstrates a methodology for studying the understanding of money in remote Indigenous Australia, which can be applied to other underbanked CALD communities. These findings also have implications for government and industry policymakers, for the design of more ‘culturally appropriate’ and sustainable financial inclusion.