Every dollar of lost super found or saved on unnecessary fees is worth seven times more in future retirement savings, according to the Association of Superannuation Funds of Australia (ASFA).
The research found every dollar put into superannuation before age 35 will be worth seven extra dollars in retirement.
The survey also revealed 20 per cent of generation X and Y do not know if they possess lost or unclaimed super, with one in five also reporting they do not know how to consolidate their superannuation accounts.
“Every day your super stays lost, or every day you pay fees on an unnecessary account, is a day you are losing valuable retirement money,” said ASFA chief executive Pauline Vamos.
To overcome the perception that finding lost super or consolidating accounts is a difficult process, ASFA has released two new checklists via the independent Super Guru website that act as simple tools to help people manage their super accounts.
The first is a checklist of things to think about before people consolidate their super accounts, and includes information to help choose which fund is best suited to their needs.
The second checklist is a step-by-step guide through the process of consolidating accounts and finding lost super.
“Using these simple checklists can help make the process simpler, easier and more efficient. Making simple changes could add thousands to your savings,” Vamos said.
