Consumers raid their lost super
The number of Australians searching online for their lost super has increased by 400 per cent in the last 12 months, according to research commissioned by max Super.
Chief executive officer Andrew Barlow said the introduction of super choice, and television campaigns launched by super providers, had made people “more aware of the money that may be floating out there that should really be within their control”.
However, 2.7 million individuals, or one in three workers, have still failed to claim their super contributions, with total unclaimed funds amounting to $6.9 billion — an average of $1,600 per person.
An average worker has three super accounts, and people are failing to consolidate their funds due to a lack of time, unfamiliarity with how to access accounts, or a general lack of awareness of lost super, Barlow said.
Workers who are employed on a casual or intermittent basis, and women who take career breaks to have children, are the most likely to have lost accounts. Most lost funds belong to people aged 22-44.
Australians who fail to locate lost accounts and consolidate their super guarantee payments are also likely to suffer financial loss as a result, as combined balances benefit from higher cumulative interest, with charges and fees only levied to one account.
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