$13 million of superannuation disappears

GRIFFITH residents have lost track of more than $13 million worth of superannuation, a recent report has identified.

The unclaimed money belonging to people who live in the 2680 postcode amounts to $13,170,798 spread across 2255 accounts worth an average of $5840.

Financial data shows Wagga residents have amassed more than double their Griffith counterparts, with lost superannuation in their 2650 postcode adding up to $30,524,959.

Griffith accountant Roy Spagnolo said a lot of locals misplace their superannuation when they change jobs and don't keep accurate records.

"When people go from job to job, it's easy to lose super when you don't follow it through," Mr Spagnolo said.

"Unfortunately people don't think about it because they don't get access to super until they're 60 but if you don't care about it until then you will almost certainly lose money.

"Losing any sort of money is a problem, even though you don't miss what you don't think about it would still be handy to have especially in these tough economic times."

Mr Spagnolo was surprised by the sheer amount of lost super in Griffith alone but said the small accounts people tended to forget about added up.

"You can register with an Australian Tax Office tool online which will look through the super funds and they'll help you search for it," he said.

"Once located, it's better to amalgamate small accounts as they're easier to keep track of when you roll them into one rather than having lots of small or medium accounts."

According to the Australian Tax Office (ATO) having several super accounts could also mean fees and charges are reducing overall super investment.

The ATO's SuperSeeker function can be accessed at http://www.ato.gov.au/calculators-and-tools/superseeker/.

According to co-founder of Aspire Retire Financial Services and author of the statistics Olivia Maragna, there were more than six million lost superannuation accounts in Australia with a total value of over $18 billion.

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