First Nations Foundation (FNF) has reconnected Indigenous communities with $1.2 million in superannuation in 2023, boosting the overall total of super located to $25.2 million.
FNF’s 2023 Impact Report has revealed that Australia’s only national financial education organisation has successfully raised the total superannuation recovered for Indigenous communities from $24 million in 2022 to $25.2 million in 2023.
This has been accomplished through the foundation’s outreach programs, including Big Super Day Out, which was established in 2017 and relaunched last year as Financial Wellness Week.
FNF chief executive Phil Usher recognised the benefits of the initiative while also expressing concern about the significant amount of superannuation that has become disconnected from Indigenous Australians.
“The combined success of the previous Big Super Day Out initiative and Financial Wellness Week highlights both the challenges Indigenous communities encounter in accessing super and banking services, as well as the significant opportunity to offer improved assistance,” said Usher.
“It’s clear that millions of dollars in superannuation are being disconnected from Indigenous communities which highlights the urgent need for systemic change to prevent such significant losses. Through our outreach initiatives, we’ve shown that offering culturally sensitive support can play a pivotal role in levelling the retirement playing field for Indigenous Australians.”
The report further revealed that in 2023, FNF increased the total number of individuals assisted with superannuation, banking and government services from over 1,600 in 2022 to 2,160 in 2023 through the Financial Wellness Week initiative.
Additionally, it highlighted that Financial Wellness Week was rolled out across seven communities last year and in total has successfully extended its outreach from 21 Indigenous communities in 2022 to 28 in 2023.
“We have a clear purpose at FNF and that’s to financially empower all First Nations Australians,” said Usher.
“Considering this and our unique position as the only national Indigenous-led financial education provider, we are committed to expanding our community outreach and maintaining strong partnerships that help us pursue economic reconciliation.”
In order to expand its influence and reach a larger number of Indigenous Australians, FNF has extended its On Country program.
The initiative aims to provide professionals in community organisations and financial wellbeing positions with the skills to distribute FNF’s culturally appropriate financial literacy resources to First Nations communities and clients.
Last year, FNF increased the number of organisations trained through its On Country program to 277, up from eight in 2022.
“At First Nations Foundation, we offer a number of key financial literacy initiatives across various platforms, as well as in-person sessions, which blend culture with money skills and are delivered by our team. However, the need to expand our services to more communities is obvious and the growth of our On Country program allows us to do that,” explained Usher.
“We are proud of the figures highlighted in our 2023 Impact Report, but at the same time, they are targets we aim to exceed. We have a strategic plan in place to accomplish this because when it comes to the economic prosperity of all Indigenous Australians, we are committed to leaving no stone unturned.”
If you would like to support First Nations Foundation initiatives and help us increase financial wellbeing for First Nations Australians click the link: https://firstnationsfoundation.org.au/donate
