First Nations Foundation partners with Morningstar to launch investment training for Aboriginal and Torres Strait Islander people

First Nations Foundation (FNF) has partnered with global research firm Morningstar, to deliver the first ever investment education and training course for Aboriginal and Torres Strait Islander people.

The six-module online course offers an introduction to investing with the aim of boosting financial literacy within Indigenous communities.

FNF chief executive Phil Usher said that having the support of Morningstar’s extensive knowledge and research for this partnership has produced a highly engaging and informative financial literacy course which is the first of its kind in Australia.

“At FNF, our priority is empowering First Nations communities to make informed financial decisions that will also have positive impacts on future generations,” he said.

“We’ve had very positive feedback from First Nations communities on our financial literacy and education training in the past. This shows us programs designed by First Nations community organisations have the greatest impact and the best sustainable long-term effects.

“We believe that by partnering with the right people we can achieve financial prosperity for Indigenous Australians.”

The investment education course aims to debunk myths that investing is a quick way to earn money and rather presents investing as a long-term financial decision that can pay off years down the track. It also dispels the idea that investing is complicated and only designed for those who already have money.

“Empowering investor success is at the core of everything we do, as we continue to look for new ways to help people achieve financial security,” Morningstar chief executive Chris Galloway said.

“We are delighted that the partnership with the First Nations Foundation has developed a financial literacy training course that will ensure Indigenous Australians have the trusted information and knowledge that will help them start on their investing journey and financial independence.

“We valued the collaborative effort between our business and the First Nations Foundation, and it was as much a learning process for us as we recognised the nuances that came with delivering the program.”

The modules delivered by FNF and Morningstar aim to increase financial literacy among Aboriginal and Torres Strait Islander people in the area of investing, further building on FNF’s extensive existing courses in financial literacy.

According to FNF, Indigenous Australians have had very little opportunity to manage their own money. Being paid in rations, experiencing stolen wages and having extremely low incomes have resulted in significantly lower levels of financial education compared to non-Indigenous Australians.

A 2023 report by the Australian Institute of Health and Welfare (AIHW), found First Nations households living in a state of financial stress increased between 2015 and 2019. Common aspects of financial stress can be captured by measures of housing stress, security of necessities and the ability to raise funds in an emergency.

While there are more Indigenous people gainfully employed than ever before, and with those accruing decent salaries, most First Nations individuals still don’t have access to a trusted source of financial information or are too ashamed to ask for help around money topics. This diminishes opportunities to create intergenerational wealth and is at the core of why First Nations Foundation exists.

"For First Nations people, we are first-generation investors. It’s the first time we are starting to be included in the economy to the point where investing to build generational wealth is a viable option," Usher explained.

"The challenge is that we don’t have anyone we can ask or go to for guidance. By blending the cultural expertise of FNF with the technical expertise of Morningstar, we have created a fit-for-purpose learning experience."

About the training modules

Participants are encouraged to work through the six modules and accompanying workbook at their own pace, with modules focused on goal setting, getting started, how to take action and the necessary investment tools.

For more information and to register for this program visit www.firstnationsfoundation.org.au

About First Nations Foundation

First Nations Foundation (FNF) is an Indigenous-led organisation that remains committed to enhancing the economic prosperity of Indigenous Australians. As the sole Indigenous financial education provider in the country, we rely on evidence-based research to shape our program framework and lobby the government for systemic change.

For more information on the First Nations Foundation, please visit www.firstnationsfoundation.org.au

About Morningstar Australasia

Morningstar is a leading source of independent investment research for stocks, funds, ETF's, credit, and LIC's as well as financial data, news, investing tools.

Our founder Joe Mansueto thought it was unfair that people didn’t have access to the same information as financial professionals. So, he hired a few people and set up shop in his apartment—to deliver investment research to everyone. Now, we operate through wholly- or majority-owned subsidiaries in 32 countries and our research business covers over 48,000 investments.

Our research is independent, which means we do not charge or accept payment or commissions from fund managers, listed companies or other product issuers to produce research on their products. Our mission remains true today, 38 years after that one great idea – we believe in the democratization of investment information, research and data.