They also have less opportunity to benefit from compulsory savings because of lower life expectancies, a group of industry experts say.
The Indigenous Superannuation Working Group is calling on the Council of Australian Governments to put the superannuation challenges facing Aboriginal and Torres Strait Islanders on its agenda.
The group will lobby for government red tape to be cut to help indigenous people access their superannuation funds, the group's chair Eva Scheerlinck says.
Government agencies have all the information required to make it easier for indigenous Australians to interact with their superannuation fund, but currently, they are unable to help due to excessive red tape
"Government agencies have all the information required to make it easier for indigenous Australians to interact with their superannuation fund, but currently, they are unable to help due to excessive red tape," she said.
"By placing indigenous superannuation outcomes on the COAG agenda these agencies will be encouraged to collaborate to significantly improve retirement outcomes for many."
The group recently held a summit on the issue and have compiled a report that highlights data which found about 43 per cent of indigenous Aussies don't have a transaction account, general insurance and a moderate amount of credit.
Indigenous leaders and super industry representatives will deliver the report to Assistant Treasurer Josh Frydenberg and the opposition's Indigenous Affairs spokesman Shayne Neumann on Monday.
