To mark NAIDOC week 2016, the Australian Securities and Investments Commission (ASIC) released three videos to help Indigenous consumers avoid being ripped-off during financial transactions.
“Take a minute with your money” is a campaign whose objective is to help Indigenous buyers with key money decisions in three of the most common financial transactions. Car loans, consumer leases and book-up.
Miles Larbey, Executive Manager of Money Smart at ASIC says that people all around Australia struggle with financial decision-making because they might be in an environment that is not particularly familiar to them or they may not understand financial jargon.
For instance, when purchasing a car people often focus a lot on the vehicle that they are about to buy and pay little or close to no attention to the details of the financial transaction attached to that car.
The ASIC executive added that Indigenous consumers are among the most disadvantaged and they are most likely to fall prey of abusive financial practices.
He also said that the key objective of the “Take a minute with your money” campaign is to provide useful tips in the form of three informative, yet humorous, animation videos based on issues that have been raised with ASIC or that ASIC has identified.
In the videos, key financial tips are delivered by Indigenous elders Aunty B and Uncle Bob.
Motor vehicle finance
Aunty B and Uncle Bob explain how to get the best deal on a car and on your loan.
Consumer leases
Aunty B explains how costly it can be to rent things (white-goods, electronics...) for your home and shows you how to get the best deal for you and your family.
Book up
Aunty B shows you how to manage your book up (store account or tab) so you stay in control of your money.
An app about the real cost of buying and running a car
In addition to the tools tailored for Indigenous consumers, ASIC has also just released a new mobile phone app - MoneySmart Cars- to support all Australian consumers with the financial decisions associated with buying a car.
Presented by legendary racing car driver Craig Lowndes, this app is a free education tool that will help people understand the real costs of buying and running a car. It will also assist consumers with their research to make informed choices.