Marc didn't know he had 19 super accounts and multiple life insurance policies. He's urging others to check their finances to avoid hefty fees eating away at the balance.
The tax office says there is $16 billion in lost and unclaimed super annuation in Australia, and 23 per cent of working Australians have more than one account.Australians can search for lost super and consolidate their accounts using the MyGov website.
It wasn't until the miner fell in love with his now wife Elle Roberts, and the couple began combining their finances, that he realised what had happened.Mr Ypinazar said he consolidated his accounts, but it affected his retirement savings because he was paying a lot of fees."It is probably double what I have."Ms Roberts said he should have at least $300,000 in super based on what he has earned over his working life, but he has about half of that.
"What would happen nowadays, if you went for a job, your super fund is stapled to your tax file number so we're not going to get into this state where we're collecting super funds," he said. Mr Ellrott said financial education needed to improve in Australia because parents did not always teach their children about financial literacy."If we introduce it into the curriculum, such as strategies that work and how to do your research properly, everyone can figure out their own financial journey after that."Mr James said those who have multiple super accounts could be at risk of having lost or unclaimed super.
Superannuation Money Security Education Unclaimed Super Lost Super Multiple Super Accounts Australian Tax Office Financial Literacy
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