You could have hidden riches

COFFS Coast residents could be missing out on thousands of their hard earned dollars.

A recent report from Westpac has revealed that the area has an estimated $156,083,397 in lost superannuation with each person losing out on an average of $2178.

These findings coincide with the recent government announcement that there is currently $17.4 billion of lost super in Australia.

Many people lose track of their super when they change jobs, names, or move house but this can have serious long-term repercussions.

"While their retirement might seem far away for many Australians, super is often the second largest investment in our lives," Westpac Retail Sales General Manager New South Wales, Sian Lewis, said.

"Australians need to understand that lost super is real money they are forgoing in their retirement."

Lack of knowledge and lack of time can be barriers for many people but Minister for Financial Services and Superannuation, Bill Shorten, said connecting people with their money is a priority for the Federal

"We've improved our free online SuperSeeker website to make it easier for people and we've made it easier to consolidate lost super with a simple online form on the SuperSeeker Website," Mr Shorten said.

People seeking their lost super should head in to their local Westpac branch with their Tax File Number, super account member statement, and bank account details.

Alternatively they can visit www.ato.gov.au/superseeker/ or www.findmysuper.com.au/

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