Friday 13 December 2013
NAB’s Indigenous financial capability program is helping to improve the standard of living and family relationships of its Indigenous clients, according to a new report released today.
The report conducted by Net Balance shows that NAB’s Indigenous Money Mentors (IMM) program delivers $4.20 in social value for every $1 invested in the program. Over the past year, it has generated over $1.8m in social value.
Improved standards of living and improved family relationships are the most significant outcomes that IMM clients receive (36% each).
Nearly two-thirds of the social value was split between disability support pensioners and the long-term unemployed with no children, with each group benefitting from $547,670 of social value last year. Indigenous families derived $680,204 in social value from IMM last year.
Warren Mundine, Chair of the Prime Minister’s Indigenous Advisory Council and a member of NAB’s Indigenous Advisory Board said: "This is an example of the role corporate Australia can provide in improving the lives of Indigenous Australians. Taking control of your money is key in addressing some of the socio-economic issues that lead to Indigenous disadvantage."
The IMM program is a NAB initiative that aims to improve the financial capability of Indigenous Australians. It is wholly funded by NAB and is currently available in Alice Springs, Kunnurra (WA), and Blacktown (NSW), as well as a NSW state-wide position with the NSW Aboriginal Land Council.
It provides face-to-face practical financial support and options to Indigenous people on low incomes and facilitates access to microfinance products where appropriate.
In 2012, more than 5000 Indigenous customers accessed NAB’s microfinance products as a result of IMM.
IMM is a NAB initiative under its Reconciliation Action Plan (RAP), the only RAP in Australia to be independently verified (by Ernst & Young) and the first to receive an Elevate status from Reconciliation Australia.
The report measured the social return on investment of IMM. This puts a financial value on social and environmental impacts of community investments. The report was based on direct consultation with Indigenous Money Mentors across three locations, conducting interviews with approximately 30 stakeholders and collecting survey data from 72 clients.
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