This month, First Nations Foundation launched an online resource to help Indigenous Australians find, manage, and grow their superannuation.
The new website – IndigenousSuper.com.au – has been launched to help Indigenous Australians learn about their superannuation, including what benefits superannuation has over the short and long term. It provides users with a ‘five-step’ plan to take control of their super that includes sections on Knowledge, Find It, Grow It, Protect It, and Plan It.
“First Nations Foundation aims to achieve financial prosperity for Indigenous Australians, and it is well known that Indigenous Australians have lower super balances than the rest of the population, so helping our people harness the power of their superannuation is of critical importance,” FNF CEO, Phil Usher, said.
“By clearly understanding what the benefits of interacting with super early are, and what protections are included with superannuation, we will be able to help our mob make the most of the superannuation they already have. As a national not-for-profit that has been focused on delivering financial literacy in person as well as online through our My Money Dream program, we know that as an Indigenous-led foundation, we are able to talk to Indigenous Australians in a way that other institutions cannot.”
First Nations Foundation has operated the Big Super Day Out outreach initiative for the past six years, reconnecting Indigenous Australians with more than $24 million in super. This year, to protect the health of these vulnerable communities, the Big Super Day Out has been postponed.
“The COVID-19 pandemic has meant that we are unable to travel to communities this year, so we are building a number of specialist resources that will enable us to keep our momentum with financial literacy education and Indigenous financial empowerment,” Usher said. “The need for this education is even more relevant as we face a potential recession.
“The opportunity if we get this right is enormous. Superannuation can act as vehicle that creates intergenerational wealth for Aboriginal people. But to have an impact on this scale we can’t do it alone. We need super funds and industry bodies to be on board. We can deliver the information in a culturally appropriate way that has a connection with the audience, but super funds are the product providers who can utilise our cultural expertise to provide an enhanced experience for their Indigenous members.”
At launch, the platform has been supported by a number of superannuation funds and financial services providers, including AustralianSuper, Cbus, MLC Wealth, Suncorp, TelstraSuper and UniSuper.
“We’re delighted to support this wonderful initiative to improve financial prosperity for Aboriginal and Torres Strait Islanders,” UniSuper CEO, Kevin O’Sullivan, said.
“We acknowledge that our Aboriginal and Torres Strait Islander members face unique challenges in engaging with their super fund, and the super system more broadly, so any work being done which aims to close that retirement gap has our full support.”
Cbus CEO David Atkin is delighted to support this important resource in partnership with First Nations Foundation.
“Good education tools are crucial for people to make fully informed decisions about their superannuation. Cbus is proud to be in a partnership with the First Nations Foundation, which has enabled this website to be developed for First Nations people.”
Suncorp EGM Wealth, Shailendra Singh, said ensuring all communities have access to the support and services they need to feel confident and informed about their finances has never been more important.
“There is no denying COVID-19 has fundamentally changed many aspects of the way we live our lives and connect with our communities, but it has also reinforced the importance of financial inclusion and resilience.
“We have seen firsthand the incredible impact the First Nations Foundation and their Big Super Day Out event series has had in helping Indigenous communities build their financial wellbeing. While it’s obviously a shame the event won’t take place this year, the new online website is a fantastic way to ensure Aboriginal and Torres Strait Islander peoples across the country continue to have access to information and resources to help them feel more confident about superannuation, and importantly informed about their own entitlements.”
Sponsors receive a dedicated page for their business that can be used to provide insights into their Reconciliation Action Plans, and key contacts for their Indigenous support channels.
“We are delighted that some of our amazing partners from the Big Super Day Out have come on board and supported the launch of this,” Usher said. “We intend on this resource to develop over time as the superannuation industry evolves and it is the first of a number of new resources that First Nations Foundation is launching to help Indigenous Australians take steps towards economic parity with the rest of the population.”
The development of IndigenousSuper.com.au has included the involvement of Indigenous consultants and artists, including Aboriginal owned and operated design agency NGNY, and celebrated Indigenous artist Nikita Ridgeway from Boss Lady Design Agency.