Giving Compass' Take:
- Oklahoma Native Assets Coalition, Inc (ONAC) offers suggestions for how stakeholders can help support Native nations in building their wealth and helping practitioners.
- How can donors (and philanthropy in general) acknowledge and address the history behind the wealth gap between Native nations and white communities? How can donors participate in reparative solutions?
- Learn more about shifting power to Indigenous people.
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American Indian and Alaska Native (AI/AN) peoples have long faced barriers to asset building. More than half of AI/AN populations are un- or underbanked, financial services often don’t operate on reservations, and access to capital is difficult. Native peoples have been excluded from financial wealth accumulation through government asset stripping, industry redlining, and simple neglect, thanks to historic (and ongoing) discrimination, exclusion, and racism baked into government and private-sector policies. Solutions are in reach.
Recently, the Aspen Institute Financial Security Program, the Oklahoma Native Assets Coalition, Inc (ONAC), and the Aspen Institute Center for Native American Youth hosted an event featuring Native leaders representing various geographies, experiences, and tribal affiliations. The group discussed experiences in building assets and Indigenous perspectives on generational financial wealth. Finally, the speakers gave recommendations on how foundations, corporations, non-profits, and others can partner with tribal governments and Native-led nonprofits to build financial wealth in Native communities.
ONAC has produced a “List of Eighteen Suggestions to Better Support Native Practitioners Administering Asset Building Programs in their Communities,” and additional suggestions are included in Finsel and Edwards’ paper.
- Reconsider “racial equity” by including the Native perspective.
- Understand the uniqueness of AI/AN history, policy, and current programs.
- Restructure partnership and grant-making criteria.
- Trust that Native leaders know what their communities need.
More broadly—and perhaps most importantly—organizations that want to improve the financial health of Native communities should work with existing Native resources rather than build new systems. Local organizations have established legacies of trust in communities, and it’s simply more effective to direct financial support to the Native-led nonprofits and tribal governments that directly provide asset-building services. These organizations also have the ability to scale up services that include online banking access, social service applications assistance, business banking infrastructure, and financial advisement and investment monitoring.
Read the full article about Native communities by David K. Gibson at The Aspen Institute.