Media Release

Generation X and Y could be missing out on thousands of dollars in retirement savings: ASFA

16 April 2014

Generation X and Y could be missing out on thousands of dollars in retirement savings: ASFA

Younger Australians could be missing out on thousands of dollars in retirement savings, because they have not ‘got around’ to consolidating accounts or finding their lost super, according to new research released by the Association of Superannuation Funds of Australia (ASFA) today.

Almost half of Generation Y, and around forty per cent of Generation X surveyed said they had not ‘got around’ to consolidating their accounts yet, with one in five reporting they don’t know how to do so. The survey also found one in five of Generation X/Y do not know if they have lost or unclaimed super, with over sixty per cent reporting they had not heard of the Australian Tax Office’s (ATO’s) online SuperSeeker service.

ASFA CEO Ms Pauline Vamos says the younger you are, the more you will benefit from making small changes to the way you manage your super.

“While retirement may seem like a long way off for younger people, they are the ones who stand to benefit most from sorting their superannuation savings. With the effect of compound interest, every dollar you put into your superannuation before age 35 will be 7 extra dollars you will have in retirement. This means every dollar you save on unnecessary fees, or every dollar of lost super you find, is worth seven times more to your retirement savings.

“The perception for many people is that the process of finding lost super or consolidating accounts is fraught with difficulties. However, the ATO has made it easier than ever before to find your lost super or to move your super into one account. By using tools like the ATO Online Services and SuperSeeker, just a few clicks could make you thousands of dollars richer in retirement.

“Every day your super stays lost, or every day you pay fees on an unnecessary account, is a day you are losing valuable retirement money. This is why this Easter break, we are encouraging those in Generation X and Y to spend one hour sorting out their superannuation accounts, to help boost their retirement savings.”

ASFA has released two new checklists via the independent Super Guru website that act as simple tools to help people sort out their super accounts. The first is a checklist of things to think about before you consolidate your super accounts, and includes information to help people choose which fund is best suited to their needs. The second is a step-by-step guide through the process of consolidating accounts and finding lost super.

“Using these simple checklists can help make the process simpler, easier and more efficient. So this Easter weekend, put the chocolate eggs aside for one hour and spend the time sorting out your super. Making simple changes could add thousands to your savings,” Ms Vamos concluded.

The survey results can be accessed here.

For further information, please contact:

Lisa Chikarovski, Media Manager, 0451 949 300.

About ASFA

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation, which aims to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.