According to the 2013 Westpac Lost Super Report Westpac has revealed that Australia has $18.1 billion of lost super.
“Superannuation is a subject that most people tend to avoid, particularly when it comes to lost super, where Australians seem to be disengaged,” said Deanne Stewart, Westpac Head of Superannuation.
Deanne Stewart explained that 1 in 2 (47%) Australians are likely to have lost super while 2 in 5 Aussies don’t even know if they have a stake in it.
“We need to rethink our attitude towards super – it is alarming that only 1 in 5 Australians are able to accurately estimate how much they will need to live comfortably in retirementv. Stewart commented.