Here’s a money saving tip that could see you putting money back in your pocket by taking just 1 minute out of your day.
$17.4 billion in unclaimed super
Is it worth 1 minute of your time to check if some is yours?
Did you know that almost half (45%*) of Australians are likely to have lost super, though only 5.6%* know they have lost super? According to Westpac’s Lost Super Report*, Australian’s have a total of $17.4 billion in unclaimed or ‘lost’ superannuation.
Wouldn’t you like to know if some of that belongs to you? So feel free to take alook at the report below or dive straight in, grab your Tax File number and click on the link below to see what you could be missing out on.
In the meantime, happy saving!
According to Westpac’s Lost Super Report*, Australian’s have a total of $17.4 billion in unclaimed or ‘lost’ superannuation. This nationwide report details insights into Australian superannuation and reveals how demographic trends are shaping behaviour.
Why Do People Lose Super
Increasing job mobility, particularly amongst younger Australians increases the likelihood of multiple superannuation accounts and therefore the number of lost super accounts. Almost two thirds (61.8%*) of those surveyed under 40 years of age are likely to have lost super, significantly more than those between 40 and 59 years of age (41.4%*) and 60 plus (21.1%*).
More than half (54.5%*) of those Australians under 40 who know they have lost super are not making any attempt to recover it, revealing a startling complacency amongst younger Australians towards their financial wellbeing in retirement.
Perceived physical barriers, including lack of knowing what to do and lack of time, represent the lost super drivers for nearly half of respondents (43.4%*). Other barriers include a perception that amounts are too small to bother with (31.2%*) and respondents do not know how to go about claiming it (27.1%*).
Other Key Findings
• Almost half (45%*) of Australians are likely to have lost super, though only 5.6%* know they have lost super.
• Just over half (50.5%*) of those who claim they have lost super have attempted to search for it.
• Two thirds (65.9%*) of those likely to have lost super would like help to do this.
• Younger generations are more likely to ‘not know’ if they have any unclaimed super, with two in five (39.3%*) respondents surveyed under 40 years of age indicating that they were unsure if they had lost super or not.
• People who have had part time or casual work are much more likely to have lost super than those who have not (55.9% vs.14.5%*).
Tips to Find Your Lost Super
Firstly, make a list of all the jobs you’ve had over the last ten years and if possible look up your paperwork to find out where your super went for each one.
Search Online: the Australian Taxation Office (ATO) has a free search tool, Superseeker, to help you uncover:
• all the super accounts to which you have made a contribution in the previous two financial years (active accounts)
• all lost super accounts in your name that super funds have reported to the ATO
• any super money the ATO has on hold for you.
Claiming Your Lost Super
Once you’ve found your lost super, get in touch with the super fund to update personal details and consider consolidating your super into one account. In addition to the administration benefit of one account, you may also save money by reducing recurring or duplicate fees#.
If you are one of the 65.9% of Australians that would like help with locating and reclaiming your lost super, don’t be disheartened. The Australian Government and many financial institutions have implemented changes to make it easier to find and consolidate your lost super#.
* Source: CoreData Consulting Pty Ltd, commissioned by Westpac Banking Corporation (WBC) (ABN 33 007 457 141) and based on information as at June 2012. Data used in this report may change into the future which may affect the outcome. For further information regarding the methodology used in the report please contact WBC Media Relations Unit on 02 8253 9484.
A summarised version of the CoreData Consulting Pty Ltd Report is available on request. If you would like a copy of the research please contact the WBC Media Relations Unit on 02 8253 9484.
# There is no charge for accepting any rollovers, however before requesting the rollover, you should check with your other fund/s to determine whether there are any exit fees for moving your benefit, or other loss of benefits (e.g. insurance cover).
