Forget garage sale, find super
THERE is a lot more money in tracking down ‘lost super’ than there is in usual efforts to make a quick buck, according to Westpac Bank.
In Joondalup and Wanneroo alone, there is more than $77 million unaccounted for across 8586 accounts.
The amount lost by people who live in Floreat, Jolimont and Wembley alone is almost $15 million, an average of $9868 per lost account, which is one of the highest across WA.
These details are contained in Westpac’s 2015 Lost Super Report, along with a comparison with the amount people collect through holding a garage sale or selling unwanted items online.
“Our report shows that Australians could go to a great deal of effort to make some extra money, with the average ‘quick buck’ scheme making just under $250,” Westpac general manager of retail banking Gai McGrath said.
“However, you could find thousands more by spending five minutes looking for lost super.”
Superannuation accounts could be considered lost if no money has been added for 12 months and your fund does not have your current address, or if the balance has not been added to for five years. Westpac offers free assistance.
“Over the past year alone, the Westpac Group has helped more than 13,000 customers find super they have lost track of,” Ms McGrath said.