Super money is deemed “lost” when super funds do not have the contact details of the member and the member account has been inactive for a specified minimum period. The average estimated lost super amount per person is about $2500. And younger Australians are expected to be the most likely to have a huge share in this pool of money.
James Fernyhough, of Financial Standard reports – Australians’ are losing out on $18.1 billion worth of super, according to Westpac’s Lost Super Report which was released this morning. The report, which was launched at the ‘Lost Super Wheel’ at Customs house in Sydney’s CBD, also showed that almost half of Australians are likely to have lost super. Australian’s disengagement with their retirement funds could be the reason for the lost super figure, according to Deanne Stewart, Westpac head of superannuation. “We’re all planning to retire, so why don’t more of us spend just a few minutes to find any lost super? It’s real money which will grow and could really make a difference to your future,” Stewart said. READ MORE
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