Aussies 'missing out on billions in lost superannuation'

Aussies are effectively missing out on billions of dollars that are in lost or forgotten about super accounts.

Around $17.4 billion is said to be up for grabs, according to the Daily Telegraph, as the average amount of cash in 3.6 million lost accounts stands at $4,800.

This is an eye-watering amount of money at the best of times, but with so many people struggling to manage their finances at the moment, it takes on even greater significance.

It is absolutely crucial that people have savings accounts in place for when they approach retirement, but with the cost of living being so high, many households simply don't have any disposable income to stash away.

The Daily Telegraph and its sister publications have joined forces with Westpac to run the Find Your Super campaign, which is aimed at reuniting 10,000 people with their lost superannuation money.

Westpac head of superannuation Melanie Evans told the news provider that people are losing tens of thousands of dollars over their lifetime in lost returns and fees.

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