Lost Super Report shows almost 2 in 5 Australiansi remain unaware of whether they have a stake in $18.1 billion in lost super.
Westpac has revealed there is $18.1 billion of lost super sitting in Australia‟s backyard, and according to the 2013 Westpac Lost Super Report1, launched today, almost 2 in 5 Aussies don‟t even know if they have a stake in it.
The nationwide report also uncovered that almost 1 in 2 (47%) Australians are likely to have lost superiv, proving that many people are still not on top of this aspect of their finances.
“Superannuation is a subject that most people tend to avoid, particularly when it comes to lost super, where Australians seem to be disengaged,” said 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,” said Deanne.
“We need to rethink our attitude towards super – it is alarming that only 1 in 5 Australians are able to accurately estimate how much they will need to live comfortably in retirement.
“So start with a lost super search. If you have multiple accounts, you could consider moving them into just one to make it easier to potentially save thousands of dollars in fees,” said Deanne.
What is Lost Super?
Your super account will generally be considered „lost‟ if: no contributions or rollovers have been added to your super account in the last year and either your super fund never had an address for you or mail sent to you by your super fund has been returned unclaimed; or your account was established within your current or a previous employer‟s default super fund and no contributions or rollovers have been added to your super account in the last five years.
The Westpac Lost Super Report was independently commissioned by Westpac Banking Corporation (WBC) (ABN 33 007 457 141). It surveyed 2,013 respondents from 17 to 26 April 2013.
Modelled data, undertaken by CoreData Consulting Pty Ltd, is correct as at June 2013. 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 Public Relations on 02 8253 9484.
Quantitative Primary Research was run by the Westpac Group in the form of an online survey during April 2013. The survey was eight minutes in length and delved into a number of issues relating to superannuation, with a particular focus on lost super.
Image from Microsoft Office.