The Australian Tax Office is today encouraging young workers to save money by properly managing their super.
Figures released yesterday show 45 per cent of working Australians between 18 and 35 have more than one super account, all of which require separate super fees.
The Australian Prudential and Regulation Authority (APRA) say the average fee for a low cost super account is $532 per year and workers who have more than one are losing out.
ATO Assistant Commissioner of Superannuation, John Shepherd says young workers are more mobile in the workforce and often open new accounts for new jobs, but many of them don't realise they could be wasting thousands of dollars.
"They might also have super accounts which they have lost track of," Mr Shepherd said.
"They may not have updated their contact details with their funds when they moved house - there are still $5.8 billion worth of accounts in this category."
The myGov website has emerged as an easy option for people to combine their super accounts online and the ATO is encourage young workers to log on and save money in unnecessary fees.
Mr Shepherd says the ATO has seen a significant increase in Australians combining their supers using the simplified process on the myGov website.
"More than 265,000 accounts with balances totalling $1.13 billion [have been] consolidated in the six months to December 2014. In one case, 17 accounts were consolidated." He said.
To consolidate your super online simply create a myGov account at my.gov.au.
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