Money as medicine

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This article was published 14/10/2022 (1108 days ago), so information in it may no longer be current.

There are plenty of sayings about money that illustrate our complicated relationship with it.

“Cash is king,” “Money is the root of all evil” and “Money can’t by happiness” all suggest it reigns over many Canadians’ lives, for better and for worse.

Yet few know the paradoxes of the almighty dollar more than Indigenous Canadians.

Their even more complicated relationship with money was the subject of a panel discussion at a recent virtual event for Canadian Indigenous entrepreneurs.

Called “Our Way Circle: Money as Medicine,” the discussion took place last month at the inaugural SOAR Digital Gathering of Indigenous Entrepreneurs — an online day of learning, reflection, celebration and networking, supported by payment system provider Square.

It examined the potential for money to do good for Indigenous peoples and their communities — an idea that comes with baggage for many Indigenous entrepreneurs and, for that matter, First Nations, Inuit and Métis communities at large.

“It really looked to reframe how we view wealth and prosperity,” says Nicole McLaren, a Métis entrepreneur on the panel discussion.

“Money is often seen as a vehicle of colonialism and not part of traditional Indigenous economies,” adds the chief executive officer and founder of Raven Reads, which promotes and sells the works of Indigenous authors.

Indeed the Canadian economic system is steeped in institutional racism.

Even money often bears symbolism of our colonial legacy.

“Historically, there has been a very individualized approach to the accumulation of wealth,” McLaren explains. That hasn’t fit well with the Indigenous view that wealth should be collectively shared.

“Yet more Indigenous entrepreneurs are taking a more nuanced approach; using money to grow their business to also do good for their families and communities.”

The “money as medicine” discussion reflects this tact, says Sunshine Tenasco, an Indigenous entrepreneur and SOAR organizer.

“Indigenous teachings talk about only taking as much as you need,” she says. “So part of the discussion was unpacking what that really means.”

Part of that examines colonialism’s traumatic legacy that includes a profound economic facet evident today.

Statistics Canada census data released just last month point to this, finding almost one in five Indigenous people live in a low-income household whereas only one in 10 non-Indigenous Canadians do.

As well, one in six Indigenous people live in a dwelling needing major repairs — three times that of non-Indigenous Canadians.

It’s a situation exacerbated by the Indian Act, which does not permit the use of property as collateral in lending agreements, mortgages included, the Statistics Canada report also noted.

The findings point to continuing challenges faced by many Indigenous Canadians, says certified financial planner Andrew Clarke with Clarke Financial Planning and Insurance Services, an Indigenous-owned firm serving Indigenous employees of Manitoba-based Indigenous companies and organizations.

“It was day-to-day survival just a few decades ago for a lot of our people, and it still is for many today,” says Clarke, who grew up in Norway House and still has family there.

He points to “huge disparities” in the cost of living in remote Indigenous communities, where half of paycheques can go toward buying groceries.

Yet Clarke also notes change is happening for the better.

His client base — made up of about one third of all Indigenous employers in Manitoba — is proof.

“We work with a lot of professionals — nurses, doctors, engineers and teachers, for example,” he says. “They aspire for the same things as everybody; it just might be a bit tougher because the start hasn’t often been as good.”

Programs such as SEED Winnipeg’s Money Stories aim to help improve the start for Indigenous youth in Manitoba. Providing basic financial literacy, Money Stories is an important stepping stone to a better future, says Michael Huntinghawk, a former program participant turned paid facilitator for the peer-led financial knowledge initiative.

“It certainly gave me financial empowerment I didn’t have before.”

Most participants come from low-income backgrounds where learning about wealth-building basics — tracking expenses, budgeting and banking — doesn’t always happen when people are worried about having enough money to buy food, he adds.

Money Stories not only teaches these basics, it empowers Indigenous youth to “invest in themselves,” Huntinghawk says.

That’s an investment that can potentially benefit everyone.

Indigenous youth are a big part of Canada’s future as one of the fastest-growing segments of the population — especially in Western provinces, says financial analyst Cheryl Saldanha, assistant vice-president at DBRS Morningstar, who recently co-authored a report on Indigenous people and their challenges accessing financial services.

“If there is a segment of the population not being served well by the banks, it is Indigenous communities,” she says, adding that is especially evident in remote communities.

This too is changing as financial institutions seek to improve services, as part of Reconciliation, as well as recognizing Indigenous populations are younger and growing faster than most other Canadian communities.

“All of this presents opportunity,” she says.

Indigenous entrepreneurs such as Tenasco and McLaren agree.

Only this growth is happening more and more on their terms.

“A lot of us are building enterprises that not only generate wealth but collaborate with other Indigenous entrepreneurs to give back to our communities,” McLaren says.

Events like SOAR illustrate this spirit. As does Pow Wow Pitch — an Indigenous take on CBC’s Dragons’ Den that takes place at major powwows, including Manito Ahbee.

Founded by Tenasco, who appeared on Dragons’ Den years ago successfully receiving funding for a baby moccasins business, Pow Wow Pitch indeed embraces the notion that wealth building — when done the Indigenous way — can be medicine.

“This is really what Pow Wow Pitch is about: ‘Yes, I have to eat, but all my work is to help build these businesses and support them,’” she says.

“It’s about collaboration rather than competition.”