Younger Australians are missing out on thousands in future retirement savings, according to the Association of Superannuation Funds of Australia. A recent research shows that almost 50% of Generation Y and around 40% of Generation X have yet to consolidate their superannuation accounts. The sad part is that one out of five of participants are unaware how to do so.
1 out of 5 participants are also unaware on how to process lost or unclaimed superannuation. 60% of the respondents have never heard of SuperSeeker, the Australian Tax Office online service.
Retirement may be a concern for the future, but educating the younger generation of the benefits and processes involved in superannuation will save one a lot of trouble and hassle. These issues should be addressed, before it’s too late.
Read more about this on the Money Management website.