Oliver Lees and Michaela Meade
Residents in Donnybrook, Roxburgh Park, Craigieburn, Mickleham and Kalkallo have over $16 million in lost or unclaimed superannuation, according to new Australian Taxation Office (ATO) data.
The data, released by the federal government, tracks lost superannuation by postcode as of June 30, 2020.
There is more than $13 billion in unclaimed superannuation across Australia, according to the ATO.
The 3064 postcode was found to have a total of $16,542,938 in lost and unclaimed superannuation.
Eleven postcodes in Hume and four postcodes in Whittlesea recorded more than $1 million in unclaimed superannuation.
Sage Business Group business and wealth strategist Michael Osborne said lost superannuation happens primarily because people don’t appreciate the value of their superannuation funds, or understand how to manage it.
“The nature of work these days, with people moving around, they change funds… those small amounts add up,” he said.
“When you’re younger people don’t place importance on super, but it is your money, everyone should be taking more of an interest.
“It’s really your savings, people wouldn’t leave a savings account unattended, but that’s what’s happening with super.”
He added that often superannuation is lost through small changes or errors recorded in logging personal details.
“Super often gets lost when we change funds, or jobs, or address; even getting married and changing your name,” he said.
Mr Osborne said it is time for people to put more thought into protecting their superannuation.
“I think when people understand the power of compounding interest, they would give it more focus.”
For more information on finding your lost superannuation, visit: www.moneysmart.gov.au.
