Aboriginal Financial Literacy in Canada: Issues and Directions
Aboriginal individuals, entrepreneurs and communities have been affected by financial literacy challenges in many of the same ways that lower-income people and remote populations in Canada have. However, there is the additional weight of specific cultural and structural barriers and the additional pressure of unprecedented opportunities to participate in the financial life of the country after generations of exclusion. Cultural barriers such as language, values that affect financial decisions, the persistence of noncash- based economies, lack of trust toward financial institutions, and habituation to government program management culture all affect financial literacy. Structural barriers include the huge education, literacy and numeracy deficit, geographical remoteness, and the lack of access to basic banking services.