Native American Heritage Month: The Importance of Financial Literacy

Since the onset of the Indian Gaming Regulatory Act (IGRA) in 1988, many tribal nations have pursued substantial economic development. Yet, there’s still much to be done.  

During Native American Heritage Month, it is fitting to reflect on both the progress and challenges facing tribal nations.  IGRA was a major milestone, allowing tribal nations to operate gaming and resort activities, which sparked economic growth. Over 30 years later, gaming and tourism activities now contribute over $40 billion in revenue for tribal nations, making such revenues crucial drivers of economic growth for some communities.  

Yet, even with the successful gaming and resort activities among many tribes, the average GDP for all tribal families in the United States remains roughly half that of non-Native families, indicating there is still work ahead.  

One key area to help empower Native Americans to achieve prosperity has been a concentrated effort by many tribal nations to improve the education of their people. There is an increasing awareness of the importance of helping native people improve their financial literacy. From helping tribal youth learn the basics of budgeting, building and improving their credit, and the importance of saving and investing for their future, many tribal nations are making great strides.  

In addition, more and more tribal leaders are understanding that it is important not only to empower young people with improved financial skills, but also to look for ways to empower tribal members of all ages to learn valuable skills to help them survive and thrive in a changing global economy. These efforts are starting to make an impact.  

For over a decade, iGrad has been proud to work with several tribal nations to build award-winning financial literacy programs. Offering a robust suite of online financial education resources, iGrad is pleased to have played a small part in an important journey to help tribal nations continue to celebrate and honor their heritage, while preparing their people to prosper in a changing and increasingly global economy.