SPONSORED: Over a period of six years, First Nations Foundation’s annual superannuation community event, the Big Super Day Out, connects 1,600 Aboriginal people with $24 million in super they did not know they had.
That works out to be about $15,000 per person.
For those already in retirement, this is a much-welcomed sum of money to be connected with. It goes a long way towards buying a car, having a holiday, or even helping out the grandkids with their money.
But for those who are still working, this amount can have an enormous impact on their future quality of life.
If someone were to locate $15,000 in super, have it invested in one fund for 25 years earning 8 per cent per year, it would be an extra $100,000 when they retire.
This sort of figure can have an enormous impact on someone’s quality of life.
The challenge for most people though is that superannuation isn’t something that is easy to understand.
That’s why First Nations Foundation not only has its outreach event but have also launched indigenoussuper.com.au
It’s an information website to help community better understand their super in a simple format. It’s designed by Aboriginal people for Aboriginal people.
The site takes users through a five-step plan on how to make the most of their super, as well as offering a detailed e-book on being reconnected with their lost super.
The website is supported by six super funds who each get a dedicated page. But this page isn’t your standard ‘fees and performance’ page. Rather, it showcases how each fund is working with Aboriginal communities across Australia to have a better relationship with their members and working towards financial education.
The other element that the website touches on is insurance. There are a number of instances where people in the community have been unable to work, so they look into early access of their super.
However, in some cases, they may have been entitled to an insurance claim through their superannuation if they are unable to work.
Highlighting these concepts in a simple and easy to understand format that is culturally appropriate is what the new website is all about.
For more information, head to www.indigenoussuper.com.au.