As a 21-year-old First Nations law graduate, I had big dreams: to be a great lawyer and begin creating intergenerational wealth for my family.
Being a great lawyer was the easy part. I had support, training and mentoring. Creating intergenerational wealth on the other hand – it’s harder to know where to even start.
The running millennial joke that we all should have bought our first home when we were 10 years old, especially in Brisbane’s housing market – isn’t too far from the truth. Taking proactive financial steps is clear now 10 years on from graduation and as a consumer, credit and debt lawyer.
But to a new graduate and clerk – having basic knowledge, even as a joke, is less obvious. When I started, I had a stable income but didn’t understand interest rates, investments or even the difference between a financial counsellor and financial adviser and where I should get advice. Without support, this knowledge gap and lack of support is scary stuff for a 21-year-old.
This is one example of a barrier that First Nations people face when trying to catch up with the rest of Australia. In 2021, the national census reported that 47 per cent of First Nations Australian had completed a tertiary qualification. These bright, young and ambitious minds might be an intern, clerk, graduate, or early career person or even established lawyer that you know.
They may have come from the 37 per cent of First Nations people in the lowest income bracket, have limited financial literacy, or low exposure to intergenerational wealth and knowledge of the steps they can take to get there. These bright, young minds might have a knowledge gap – and don’t know what they don’t know.
So, this is your chance, state and federal government, law firms, non-for-profits and other organisations. This year when reflecting on your RAP plans, and wondering what meaningful change you can make, think about your own employees in the theme of this year’s Reconciliation Week: Bridging Now to Next.
Provide the opportunity for those who are interested to attend training ranging from financial literacy and budgets, to wealth creation. You might be surprised how much interest there is and the difference this can make for an individual, their family and the broader community.
Hannah Marai is a First Nations lawyer with Caxton Legal Centre’s Financial Rights Service.
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