Retirement
Real change needed to address Indigenous super gap
The 27 per cent gap between Indigenous and non-Indigenous Australians’ super balances needs addressing, the regulator has said, announcing an outreach trip it hopes will help bridge the gap.
Real change needed to address Indigenous super gap
The 27 per cent gap between Indigenous and non-Indigenous Australians’ super balances needs addressing, the regulator has said, announcing an outreach trip it hopes will help bridge the gap.
“It shouldn't matter if you live in a remote area or if English isn't your first language – everyone should be able to easily get information about, and access to, their super,” said the deputy chair of the Australian Securities and Investments Commission (ASIC), Peter Kell.
Speaking to mark the beginning of ASIC’s outreach trip to South Australia’s remote Anangu Pitjantjatjara Yankunytjatjara (APY) lands, scheduled to go from 28 May to 2 June, Mr Kell said he hopes the trip will lead to concrete change.
According to research from the CSIRO-Monash Superannuation Cluster and Griffith Business School, there persists a 27 per cent gap in average superannuation balances upon retirement.
However, this research acknowledged there were significant gaps in data around Indigenous super.
One of the researchers, Dr Robert Bianchi, said it’s time for the ABS and ATO to provide more data on this group’s uptake and experience with the mandatory system.
Indigenous outreach officer at ASIC Nathan Boyle said the industry has made some progress but “first-hand appreciation of the remaining barriers” would help the industry develop “innovative solutions to ensure that all Indigenous Australians are able to access and manage their superannuation entitlements”.
Joining ASIC on the visit are Australian Super, HESTA, Super SA, QSuper and Prime Super. The trip has been organised with MoneyMob Talkabout, a non-profit organisation aimed at improving remote-living Indigenous Australians’ financial literacy, and First Nations Foundation, an Indigenous financial literacy charity.
ASIC noted that Indigenous communities face particular challenges in using super as a result of language and communication barriers, difficulty accessing identification documents and lower levels of financial literacy.
The representatives from the super funds will speak with the communities with the help of translators. ASIC noted that access to translators is also not always easy to arrange, taking up to two weeks for a telephone interpreter.
The time-lag can also be exacerbated by interpreters’ similar levels of low financial literacy.
RELATED ARTICLES
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
