Millions of Aussies to receive super-account boost
Article by Mozo
Millions of Australians could be eligible to receive up to $1,000 of "forgotten" money, it has been revealed.
According to the Financial Services Council, there are lots of Aussies who have completely lost track of super annuation funds that have accrued interest over time.
While it seems ridiculous that someone could simply forget about a bank account, it appears that up to seven million people will be in line to receive their money.
It could prove to be a major boost for people's savings accounts, as a lot of Aussies are increasingly keen to build up a nest egg. Indeed, a recent study conducted by Forseechange on behalf of the Daily Telegraph showed that a growing number of Generation-Y members are putting money aside for a rainy day.
The Federal Government has announced that the extra cash will be placed into people's main accounts from January 1st 2014.
Chief executive of the council John Brogden believes the incident may encourage more people to take a greater level of interest in their savings accounts.
Have a question about savings accounts? Ask the money gurus at Mozo Answers.