Latest news with #SuperConsumersAustralia
SBS Australia
6 days ago
- Business
- SBS Australia
Systemic barriers for Indigenous Australians in accessing pension funds
LISTEN TO SBS Indonesian 24/07/2025 05:18 Indonesian The independent research was commissioned by Super Consumers Australia alongside Mob Strong Debt Help and Impact Economics and Policy. It found that First nations citizens were twice as likely to be unable to access their pension funds, due to systemic barriers, including rigid policies, inaccessible customer service, and a lack of accountability. These barriers include things like rigid ID verification, digital-only processes, and a lack of cultural understanding. Listen to SBS Indonesian every Monday, Wednesday, Friday and Sunday at 3pm. Follow us on Facebook and Instagram , and don't miss our podcasts .
SBS Australia
6 days ago
- Business
- SBS Australia
Systemic barriers locking Australia's First Nations peoples out of superannuation
New research has found the nation's $4 trillion superannuation system is failing Indigenous people. The independent research was commissioned by Super Consumers Australia with Mob Strong Debt Help and Impact Economics and Policy. It's found they are twice as likely to be unable to access their superannuation, due to systemic barriers including rigid policies, inaccessible customer service and a lack of accountability. These barriers are things like rigid ID verification, digital-only processes and a lack of cultural understanding. Alex Price-Busch is the Financial Counsellor at Indigenous Consumer Assistance Network (ICAN). He's told NITV there's an urgent need for reform. "Time and time again in our case work we have clients present to access money from - whether it's their own super that's been lost or for a family member who's passed away - and the amount of information required and in a lot of circumstances that's also legal requirements that they need to meet that they simply can't afford even to access smaller amounts of money." He says ICAN aims to create ways for First Nations people to navigate the system and engage more confidently. "One of the things the report has pushed for is to have a minimum set of customer service standards for super companies and their First Nations clients, I think that will be a great starting point. In addition to that, I think there will need to be better alternatives for things that take into consideration into differences for people that live in those remote communities, whether that is around digital literacy, or even their ability to make a phone call." Mark Holden is the Senior Solicitor from Mob Strong Debt Help. He's told SBS World News their statistics suggest only 69 per cent of First Nations consumers have a superannuation fund, compared to 87 per cent for their non-First Nations consumers. But for those who do have a super fund, rigid ID verification rules, culturally unsafe customer service and a reliance on digital-only processes means it can take months or even years to access their own money, if they are still alive. He says they also found First Nations consumers have a typical balance of less than $22,000 compared to $66,000 for non-First Nations consumers. "We see generations of First Nations consumers who aren't able to access their own money. This is money that's been held on trust for them during their time of need whether that may be for financial hardship, retirement or to pass on to the next generation." Mr Holden says many are denied access to their own money in retirement, during financial hardship or after the death of a loved one. The report also calls for adequately resourcing financial counselling and legal support on superannuation issues for First Nations peoples. "Any delay that we have prolongs intergenerational trauma that we give our mob and because this is the money that belongs to them, it belongs to them after their hard work over the years and it's supposed to be held in trust for them. It will be completely unreasonable and even unconscionable for super funds to be able to continue to circulate without providing First Nations consumers the help they need to be able to access their money when they need it." His advice to First Nations people would be to visit the government's Money Smart platform online or to speak to a local counsellor. He says it's important for them to take some time to go through their own super funds to see how they can access and prove their identity, and also for First Nations people to list their super beneficiaries.
West Australian
23-07-2025
- Business
- West Australian
Indigenous people left 'out in the cold' by super funds
Aboriginal and Torres Strait Islander people are being left "out in the cold" when trying to access their superannuation, consumer and Indigenous advocates say. Rigid identification policies, culturally insensitive customer service and a push towards digital systems mean many First Nations people are locked out of their superannuation, according to a report from Super Consumers Australia and Mob Strong Debt Help. Surveys of consumers in the Eastern Arnhem region and financial counsellors across Australia found more than half of Indigenous customers were unable to get through to their super fund, while 42 per cent did not understand the information they were given. Super funds often use jargon or complex language or don't have interpreters available, Mob Strong Debt Help senior solicitor Mark Holden said. "Financial counsellors try to be able to help out with the client to understand and try to advocate with the super funds, but the super funds don't accept their authority and leave both the financial counsellor and the client out in the cold," the Dunghutti man told AAP. People face similar barriers across remote, rural and urban communities, Mr Holden said, and the challenges are not unique to those customers surveyed. The system's rigidity also frustrates professionals working with communities, such as Indigenous Consumer Assistance Network financial counsellor Alex Price-Busch. He has spent on the phone to super funds and the Australian Tax Office on behalf of clients who struggle to access their super. "We see families fighting to claim death benefits while grieving. Many just give up because it's too hard," Mr Price-Busch said. Super Consumers Australia chief executive Xavier O'Halloran said the impact on resources is huge for financial counsellors dealing with these issues. "Some of the financial counsellors had told us they felt like they were working for the superannuation funds at times because they were spending hours on the phone dealing with really poor customer service processes ... having to teach the frontline staff at super funds what their actual obligations were," he said. Super funds do not have mandatory customer service standards, and Mr Holden says many lack any cultural safety standards or are not implementing them. This needs to change, says Mob Strong Debt Help, which also calls for better resourcing of financial counselling and legal support for First Nations people trying to access their superannuation. The organisation also wants the Australian Tax Office and super funds to provide culturally safe support and help with identity checks. "We need to see change now," Mr Holden said. "Any delay on this is going to further the intergenerational harm that our mob faces when it comes to superannuation."
Perth Now
23-07-2025
- Business
- Perth Now
Indigenous people left 'out in the cold' by super funds
Aboriginal and Torres Strait Islander people are being left "out in the cold" when trying to access their superannuation, consumer and Indigenous advocates say. Rigid identification policies, culturally insensitive customer service and a push towards digital systems mean many First Nations people are locked out of their superannuation, according to a report from Super Consumers Australia and Mob Strong Debt Help. Surveys of consumers in the Eastern Arnhem region and financial counsellors across Australia found more than half of Indigenous customers were unable to get through to their super fund, while 42 per cent did not understand the information they were given. Super funds often use jargon or complex language or don't have interpreters available, Mob Strong Debt Help senior solicitor Mark Holden said. "Financial counsellors try to be able to help out with the client to understand and try to advocate with the super funds, but the super funds don't accept their authority and leave both the financial counsellor and the client out in the cold," the Dunghutti man told AAP. People face similar barriers across remote, rural and urban communities, Mr Holden said, and the challenges are not unique to those customers surveyed. The system's rigidity also frustrates professionals working with communities, such as Indigenous Consumer Assistance Network financial counsellor Alex Price-Busch. He has spent on the phone to super funds and the Australian Tax Office on behalf of clients who struggle to access their super. "We see families fighting to claim death benefits while grieving. Many just give up because it's too hard," Mr Price-Busch said. Super Consumers Australia chief executive Xavier O'Halloran said the impact on resources is huge for financial counsellors dealing with these issues. "Some of the financial counsellors had told us they felt like they were working for the superannuation funds at times because they were spending hours on the phone dealing with really poor customer service processes ... having to teach the frontline staff at super funds what their actual obligations were," he said. Super funds do not have mandatory customer service standards, and Mr Holden says many lack any cultural safety standards or are not implementing them. This needs to change, says Mob Strong Debt Help, which also calls for better resourcing of financial counselling and legal support for First Nations people trying to access their superannuation. The organisation also wants the Australian Tax Office and super funds to provide culturally safe support and help with identity checks. "We need to see change now," Mr Holden said. "Any delay on this is going to further the intergenerational harm that our mob faces when it comes to superannuation."
Yahoo
10-06-2025
- Business
- Yahoo
‘Figure just thrown around': Super myth busted
Older Australians are likely closer than they think to having a comfortable retirement, with workers often overestimating just how much they will need before they finish their careers. The majority of workers believe they will need at least $1m in their superannuation fund in order to have a comfortable retirement, new research AustralianSuper research reveals. AustralianSuper head of advice Ross Ackland said 94 per cent of retirees would finish their careers with far less than $1m in superannuation, and despite the fear-based narrative, that would still be enough to live a comfortable life. 'You might have heard you need $1m – it's the figure that's often thrown around as the financial retirement ideal, but the truth is, there's no one-size-fits-all,' he said. 'A comfortable retirement will look different for everyone.' Figures released earlier in the year by Super Consumers Australia showed a single person needed about $310,000, while a couple needed $420,000 to achieve a 'medium lifestyle in retirement'. But this has two major caveats; the retiree owns their own home and they go on the aged-based pension at some point throughout their retirement. The Association of Superannuation Funds of Australia has also run the figures, saying singles living a modest lifestyle will spend $32,930 a year, again assuming the retiree owns their own home. For Aussies wanting a 'comfortable' standard, singles need a higher amount of $51,814 and couples $73,031 a year. This would require a single superannuation member to have $595,000 in their accounts, while couples need to have $690,000. Retiree Warren Morrison said after a career in local government, banking and media, he was able to retire in 2022 at aged 64 with far less than 'a million bucks in super'. 'I worked out what I'd need day to day, figured out what brought me joy and built my retirement around that, eventually leaving the workforce with around $350,000 in superannuation,' he said. 'I'm not sitting still – I'm officiating weddings, hosting trivia nights, doing a bit of acting and even judging roller skating competitions. 'It's not about being rich, it's about being purposeful. I still have my coffee and cake with mates. I'm careful, but I'm not missing out.' AustralianSuper points out funds in superannuation are just part of what retirees will have when they finish work, with savings, other assets, lifestyle expectations and the pension all playing a role in how Australians will be able to spend the latter years of their lives. 'We know superannuation is incredibly important and encourage members to make extra contributions where appropriate, but super is only one piece of the retirement puzzle,' Mr Ackland said. 'It's also important to remember that our superannuation system is still maturing and will continue to deliver stronger outcomes for more Australians.' Compulsory super was only introduced in 1992 and at much lower contribution rates than we have today. The superannuation guarantee has also been on the rise in recent years and, from July 1, 2025, will climb to 12 per cent of a worker's income.
