Opportunities for First Nations businesses to evolve into sustainable enterprises are growing, with superannuation funds now turning attention to the specific challenges faced by Indigenous members.

Financial institutions profit by staying ahead of the curve, but many super funds remain slow to respond to the needs of First Nations people.

Banks have improved in recent years—introducing cultural training, dedicated First Nations teams, and tailored lending programs. Super funds, however, still lag.

Bureaucratic red tape, outdated regulations and limited board-level engagement have hindered support for Indigenous members, particularly in remote areas.

Early super access, identity verification, cultural competence, data collection, and representation are just some of the issues funds must address.

A recent CHOICE analysis found that lost and unclaimed super disproportionately impacts areas with high Indigenous populations. Some leading funds are now taking steps to address long-standing barriers.

One major fund will begin collecting Indigenous member data this year. Others have joined the First Nations Superannuation Working Group, a coalition that includes super funds, financial counsellors, and Indigenous organisations. The group aims to dismantle systemic barriers contributing to lower retirement savings, disengagement, and missed intergenerational wealth opportunities.

Founded in 2013, the group is led by the First Nations Foundation (FNF)—Australia's only Indigenous financial literacy body. FNF hosts summits, courses, and outreach programs, and works closely with industry and regulators including APRA and the ATO.

New FNF managing director and proud Wiradjuri woman Leah Bennett said many Indigenous communities still lack direct contact with financial institutions.

"If you're willing to take First Nations peoples' money, you must be willing to serve them," she said.

As services move online, the digital divide leaves vulnerable members behind. Bennett said it was crucial for First Nations voices to be included in designing solutions, rather than having policies imposed.

"It's about relationships and community engagement. Boards need to take responsibility for fairness across all super members," she said.

Among the working group's members is REST, one of Australia's largest funds with over two million members, many in casual or low-income roles. Yet like most funds, REST doesn't know how many of its members are Indigenous—because that data isn't collected.

REST chief strategy officer Tyrone O'Neill said the fund was working with government to address kinship structures and preservation age rules, and was simplifying paperwork to reduce barriers.

"In super, we usually only have a person's name, date of birth, tax file number, and sometimes gender. We know almost nothing else," O'Neill said.

"We're trying to provide better support, because First Nations members are missing out on the full benefits of super."

While investment constraints exist, O'Neill said REST also considered social and environmental impacts when choosing where to invest, including how companies operate on Indigenous lands.

"Working respectfully with Traditional Owners is an important part of our strategy," he said.

REST has also rolled out cultural awareness training, with a quarter of its 600 staff having completed the course.

TelstraSuper, which manages $27 billion for 85,000 members, is also adjusting its operations. CEO Chris Davies said its work began in 2018 through a partnership with the FNF and its Big Super Day Out—where fund reps visit Indigenous communities to better understand members' needs.

"We've since changed policies and procedures to reduce barriers," Davies said.

TelstraSuper was among the first to adopt AUSTRAC guidelines allowing alternative ID forms for Indigenous members and has embedded cultural training across the organisation.

In 2020, the fund appointed James Perkins—its first Indigenous board director. He said superannuation must go beyond simply building wealth.

"It should reflect who we are, honour our cultural responsibilities, and support the economic empowerment of our people," Perkins said.

"We're committed to reshaping the system to be more inclusive and accountable to First Nations voices."

Meanwhile, the ATO has been urged to notify families when super accounts exist for deceased members—a step toward preventing unclaimed benefits from disappearing.

Upcoming payday reforms in July 2026 will also require employers to pay super at the same time as wages, reducing billions in unpaid contributions.

For those unsure whether they have unclaimed super, the ASIC MoneySmart website offers a trusted search tool.

The path to equity in super is complex, but progress is finally being made—by listening to community, removing barriers, and embedding Indigenous perspectives in the system itself.