Many Indigenous Australians are not receiving a warning that if they have less than $6000 in a superannuation account, it will be on the move to the Australian Tax Office and when that happens, automatic insurance cover will be lost. First Nations Foundation is trying to alert people around the country to these changes, coming on 1 July 2019.
Amanda Young, CEO of First Nations Foundation said: "Now is the time to tell everyone you know to check their superannuation. First Nations people deserve to make informed choices". This includes whether people want to keep paying insurance premiums in case something happens and they can't work any more (called TPD or total permanent disability insurance) or to keep track of where their superannuation is going.
First Nations Foundation is the only non-profit that travels around Australia helping Indigenous people with their superannuation. Their Big Super Day Out program travels to Darwin, Kununurra and Broome in July 2019 and then to four remote Arnhem communities in August 2019.
For the ABC story on this go here: ABC story
For a website to help you decide what to do: timetocheck
Groundbreaking research by First Nations Foundation reveals the extent of financial disadvantage Indigenous Australians are struggling with. Chair Ian Hamm says it's not good enough. We think it is time to create a place where financial services, Indigenous communities and government can come together, collaborate and fix this. We need access to our money. We need education on financial products and services.
INDIGENOUS FINANCIAL RESILIENCE PUT TO THE TEST
In a ground-breaking collaboration between First Nations Foundation and the Centre for Social Impact, research into the financial position of Indigenous Australians has been released. Forming part of a research series conducted by one of Australia's largest banks, the National Australia Bank, the research tells us much work still has to be done but there is hope for a brighter future.
For the first time, the superannuation industry is helping give guides to people to understand how much superannuation they need. Aboriginal and Torres Strait Islander workers can now compare where they are with where they need to be. Check now, the sooner you get onto this the better. If you fall short, consider making contributions (extra payments). If you talk to your payroll they can explain how - you can do it before tax or after tax.
The national Indigenous financial foundation has been left scratching its head on how the Banking Royal Commission recommendations will fix a 43% financial exclusion rate for First Nations people. In a disappointing blow, very little has been done to protect Aboriginal and Torres Strait Islander people's and build Indigenous financial knowledge.
For our media release:
First Nations Foundation launches the Big Super Day Out 2018 video (Nov 2018).
Reaching 10 communities (of which 8 were very remote), First Nations Foundation helped reunite 1125 people with $14.5 million Indigenous superannuation. This is Indigenous worker's wages which have been lost, or in many cases, Indigenous people didn't realise they had!
Imagine how much we could find if we reached the estimated 320,000 Indigenous workers!!
If you are a superannuation fund, administrator or insurer and want to see more Indigenous people build their balances and get a better retirement outcome, sponsorship is now open for Northern Territory and Western Australia in 2019. Go here to register interest: BigSuperDayOut Interest
Superannuation funds, group insurers and administrators: your chance to take superannuation to First Australians in 2019 is now open! In 2019 First Nations Foundation hopes to extend its award-winning @BigSuperDayOut events to northern and western Australia! The more sponsors, the more locations. We have already reconnected $14.5M Indigenous super with their owners in 13 days, the best return on investment going.
Click here to register for a prospectus: BigSuperDayOut Interest