How do you find it and prevent it being lost in the first
place?
The musical, Cabaret, taught us that "money makes
the world go 'round", and yet despite its importance, it
is commonly lost. "Unclaimed money" is the term used to
describe money that is forgotten, lost or misplaced, from
superannuation, bank accounts, shares, investments and any policy
that you contribute towards or which pays out a dividend or
benefit. It also extends to companies and individuals that lodge
security deposits with local councils for developments that are
unredeemed.
Current estimates from the Australian Securities and Investments
Commission (ASIC) says unclaimed money totals approximately $1.1
billion, resulting from people moving residences or changing
employment and not updating their details with financial
institutions or previous employers.
