Breaking Barriers: The Struggle of First Nations Australians to Access Superannuation

First Nations Australians are frequently locked out of their superannuation, a new report reveals, highlighting systemic issues that disproportionately affect those in rural and remote areas. The research, conducted by Super Consumers Australia and Mob Strong Debt Help, uncovers discriminatory policies and rigid regulatory designs that delay or deny access to savings.

Key Findings:

• 69% of First Nations people have superannuation, compared to 87% of other Australians.
• The median super balance for First Nations individuals is $22,000, just over a third of what other Australians hold.
• Rigid identity verification requirements and reliance on digital platforms create significant barriers.

The Digital Divide:

Super funds often direct individuals to online services, despite:

• Only 25% of respondents having access to MyGov or email.
• 59% having internet access, highlighting the digital divide.

Voices from the Frontline:

Mark Holden, a senior lawyer at Mob Strong Debt Help, criticizes the "one-size-fits-all" approach of super funds, which leaves many First Nations people unable to access their money. Financial counsellors also face challenges, feeling they "work for the super funds" due to the extensive effort required to support clients.

Calls for Change:

Advocates urge super funds to:

• Simplify access processes.
• Provide culturally trained staff.
• Adjust ID requirements to better serve First Nations communities.

This issue persists years after the banking royal commission highlighted similar challenges, underscoring the need for immediate and meaningful action to ensure equitable access to superannuation for all Australians.