Almost half (46.1 percent) of the Australian public could be missing out on part of their superannuation, according to the findings of a nationwide survey released today by major Australian bank Westpac.

Surprisingly, the survey found that of these, 15.8 percent of people questioned, knew they had unclaimed or ‘lost’ super but are not actively trying to recover it.

According to figures released by the Federal Government earlier this year, on average there is one lost super account for every two working Australians.

Westpac Group Executive of Retail and Business Banking Rob Coombe said these figures highlight the sheer scale of Lost Super and the amount of Australians that have lost touch with their own super savings.

“It’s alarming to see that nearly half of Australians have lost super. So many people are missing out on money that is rightfully theirs and that could make a significant difference to their lives once they retire. That’s why we’ve launched an initiative to help our customers, and indeed all Australians, actively find their lost super and reclaim it,” said Mr Coombe.

“We’re urging our customers to call into their local Westpac branch where we will complete a lost super search for them and fill in the paperwork for them to reclaim it. By ensuring their super is in one place and effectively managed through a product like BT Super for Life, customers can achieve visibility and control of one of their largest financial assets”.

Federal Assistant Treasurer and Minister for Financial Services and Superannuation The Hon. Bill Shorten said that connecting Australians with their lost super was a priority for the Federal Government.

“We welcome this initiative by Westpac. It complements the Government’s policy to enable superfunds to use tax file numbers to identify members' accounts from 1 July 2011. These measures will help re-connect Australians with their lost super.” Mr Shorten said.

Mr Coombe said that Westpac is committed to encouraging Australians to acknowledge that super is a major financial asset and the first step is to ensure they do not have any lost super.

“While it’s quite easy to lose track of superannuation when you change names, jobs or move house, the process to reclaim it is simple and the resulting benefits are considerable. Our product BT Super for Life allows customers to see their super online with their banking – that’s one way to never lose sight of super again,” said Mr Coombe.

Customers can enquire about BT Super for Life at any Westpac branch.