Consolidating super perceived as difficult

Almost half (48 per cent) of Australian workers are not sure if they have lost superannuation while 83 per cent describe finding lost super like smoking or exercising where they know what they should do but many do not do it.

Those were the findings in the 2016 Westpac Lost Super Report, which also said that if every Australian claimed their share of the $13.5 billion in lost super today, it would equate to an extra $42.4 billion in savings at retirement.

The report also found 73 per cent of Australians wished they looked after their super more when they were younger while an average worker believes it would take them over an hour and a half to find and consolidate lost super whereas it should only take a few minutes.

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BT superannuation general manager, Melinda Howes, said there was a misperception among people that consolidating super was difficult and time consuming, with 45 per cent of 1,030 respondents surveyed believing it to be difficult.

"The ATO or your current super fund actually does all of the hard work for you. Just tell them you want to find your lost super," she said.

Workers also expected their retirement savings to last only 11.9 years, while 63 per cent would like to live more comfortably in retirement than they currently do.




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