Superannuation exists to provide a safety net at retirement, designed to benefit everyone. However, this report shows that many First Nations peoples are shut out of the system and denied access to their savings. This first-of-its-kind, independent research was conducted with 99 First Nations consumers in the Eastern Arnhem region and 19 financial counsellors and caseworkers who support First Nations clients nationwide to navigate superannuation challenges. Key barriers identified include:
- Rigid identity verification processes routinely block First Nations peoples from accessing their own money.
- Customer service failures, including cultural insensitivity, poor communication, and digital-first systems, are pushing some to give up entirely.
- Death benefit payouts take significantly longer for First Nations claimants, compounding trauma during periods of grief.
We are calling on the Commonwealth Government and superannuation industry to prioritise reforms and remove these systemic barriers by:
- Adequately resourcing financial counselling and legal support for First Nations peoples on superannuation issues;
- Legislating mandatory customer service standards for super funds to drive better outcomes for consumers; and
- Improving ATO and super funds processes to provide culturally safe support, including helping First Nations peoples with identity checks.
While First Nations peoples are more significantly impacted, these identified issues extend to other Australians including those living in rural or remote areas, older Australians, those with lower digital and financial literacy or with language barriers. Unexpected life events or losses could make anybody vulnerable and ensure equitable access to superannuation benefits all Australians.
Based on the observation survey conducted with 99 First Nations consumers at the Financial Wellness Week event, held in five remote towns across the Eastern Arnhem region from 12-16 August 2024.
Infographic – Key findings from the research observational survey (text version)
The observation survey research with First Nations peoples in the Eastern Arnhem region revealed major challenges when it came to superannuation.
The survey was conducted with 99 First Nations consumers at the Financial Wellness Week event, held in five remote towns across the Eastern Arnhem region from 12-16 August 2024
1) Denied access to super and other entitlements
- 53% Unable to get through to their super fund
- 42% Not understanding the information they were given
- 38% Struggling to find where their super is, including lost super.
2) Poor communication practices by funds. When respondents were asked to score their understanding of what the fund told them at the Financial Wellness Week event:
- The overall score was 3.2 out of 5
- The score for respondents over 60 years old and those who need help reading English were 2.8 out of five.
3) Significant barriers to engaging with funds – many were told to use online services when:
- Only 23% had access to email or MyGov
- 59% had access to the internet
- Compared to 85% having access to a phone.
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You can support our call for a better superannuation system that works for all Australians by reading and sharing the report. Use the short explainer video and social media tiles to share with your networks.
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Mob Strong is a free legal advice and financial counselling service about money and financial problems for Aboriginal and Torres Strait Islander people from anywhere in Australia. If you are having problems with your super, call the number below to speak with us.
1800 808 488
