First Nations Foundation (FNF), Australia’s only national Indigenous financial education organisation, will unite community and industry to find tangible solutions that aim to improve the retirement outcomes of Indigenous Australians at the 2024 First Nations Super Summit.
As the newly appointed secretariat of the Indigenous Superannuation Working Group (ISWG), FNF will oversee the First Nations Super Summit, formerly known as the Indigenous Super Summit.
For the first time, the summit will be Indigenous-led, hear from Indigenous speakers, and feature community voices, offering industry stakeholders a unique opportunity to gain insight from grassroots perspectives.
The summit’s main objective is to examine barriers that prevent First Nations people from accessing and managing their superannuation while determining priority areas for the ISWG to focus on over the next 12 months.
Commenting on the event, FNF chief executive Phil Usher said the summit is a crucial step towards economic reconciliation.
“The superannuation system has systemic issues that mean it’s not fit for purpose for First Nations people,” he explained.
“This is not to say we want to just make a list of demands for the entire system to be changed but, be creative in the way that both parties come to the table to create tangible outcomes.”
As reported previously by the Retirement Income Review, First Nations people are likely to either have no superannuation or lower superannuation balances at retirement when compared to non-Indigenous Australians.
The review found the number of Aboriginal and Torres Strait Islander people with superannuation sat at 74% for men and 58% for women, in comparison to 85% for non-Indigenous men and 83% for non- Indigenous women.
Moreover, the median superannuation balance of Aboriginal and Torres Strait Islander people was also found to be significantly lower.
According to the report, Indigenous men had 59% less in super, with balances estimated at $25,000, compared to $60,635 for non-Indigenous men. Similarly, Indigenous women experienced a 50% reduction, with median balances recorded at $19,000, as opposed to $38,000 for non-Indigenous women.
Observing the notable disparities, Usher expressed concern around the perceived unattainability of accessing superannuation for many Indigenous people.
“For many of our people, it feels unattainable that they will ever be able to access their super as they feel they won’t make preservation age,” he said.
“So, when we see things like the early access to super scheme during Covid, First Nations people were accessing their retirement savings at a higher rate than non-Indigenous people.”
In a commitment to continue working towards a more inclusive financial landscape, AMP has partnered with FNF to launch this year’s summit.
Binowee Bayles, AMP’s head of Indigenous programs, emphasised the importance of the event in creating a more equitable retirement system.
“This is a wonderful opportunity for industry to come together with FNF to find practical solutions for Aboriginal and Torres Strait Islander communities to better understand and benefit from the superannuation system,” she said.
“We hope the summit will kickstart meaningful and sustainable change and AMP is proud to be involved.”
While Australia has received global acclaim for its retirement system, the summit offers an opportunity to assess its success within the nation’s borders and elevate standards for First Nations people.
“There is an age-old adage in First Nations practices that we simply listen to the cultural knowledge holders, this is what we are asking of the sector during our summit,” Usher concluded.
FNF is jointly sponsored by AMP and AMP Foundation to produce the 2024 First Nations Super Summit and supported by the Association of Superannuation Funds of Australia, Australian Financial Complaints Authority, as well as the newly formed Super Members Council.
Event Information:
The summit will take place on Thursday, February 22, 2024, at the Mercure Hotel on Gadigal Land in Sydney.
Please click the link for more information: First Nations Super Summit | First Nations Foundation
