Financial sectors and the federal government should alter current policies and legislation to ensure a level playing field for Indigenous people with superannuation and other insurance entitlements.
Evoking the Reconciliation Week theme 'Now More Than Ever', the First Nations Foundation said meaningful initiatives from non-Indigenous-led financial institutions to better collaborate with First Nations-run firms would help drive practical solutions, and accelerate economic reconciliation to address systemic barriers in the sector.
FNF chief executive Phil Usher said the 2024 theme was a powerful message that should reinforce to financial sectors how critical collaboration and engagement were to attaining economic reconciliation.
"The main part of reconciliation is talking about how we work with non-Indigenous people," he said on Thursday.
"Rather than us just pushing an Indigenous perspective, I think including support from non-Indigenous organisations in the financial sector is required.
"Indigenous people need non-Indigenous people in the sector to overcome systemic issues."
The Law Reform submission 'Deceased Estates: Access to ATO-Held Information about the Existence of a Superannuation Account' was an example of current inadequate legislation for First Nations people.
The issue was highlighted at February's inaugural First Nations Super Summit, which recognised the positive influence financial institutions could have on community members to address issues preventing them from financial equality.
Indigenous superannuation working groups were formed after the summit to address six priorities it identified could elevate super standards for First Nations people.
"These working groups have also uncovered long-standing legislation intertwined with these objectives, which significantly impact Indigenous people," Mr Usher said.
AMP head of Indigenous Programs and proud Koori woman, Binowee Bayles, said it was recognised financial institutions could foster equitable retirement systems for First Nations retirees.
"There are practical solutions for Aboriginal and Torres Strait Islander communities to better understand and benefit from the super system," she said.
Financial Counselling Australia coordinator of financial capability, Lynda Edwards, said laws regarding information and access to deceased estates - currently under review by assistant treasurer and minister for financial services Stephen Jones - highlighted the challenges kin faced finding a deceased family member's superannuation.
Currently, the Australian Taxation Office held information about the superannuation accounts of every Australian but would share it only with a deceased person's legal representative, which First Nations people rarely had when they passed away.
The submission said the issue had an adverse effect on many people likely missing out on super funds and the associated insurance they were entitled to.
"We would like the ATO to disclose the name of any superannuation fund to a deceased person's relative, rather than the specifics of the amount, or the account number," Mr Usher said.
"When First Nations people pass away, they often do not leave a will, so there is no executor to manage the estate.
"This not only complicates matters but also imposes significant financial burdens that disproportionately affect Indigenous people."
This included missing opportunities to apply for the deceased member's superannuation account balance or claim any associated, existing death insurance policies.
"This particular issue is just the tip of the iceberg, yet it significantly affects many First Nations people by disconnecting them from the super which they are entitled, due to legal frameworks that fail to be inclusive," Mr Usher said.