Introduction to Australian Employer Superannuation.Australians, in general, constitute some of the worst savers in the world. Current estimates suggest that, on average, Australians save just 4% of their income. This is less than half of the 11% estimate for Australians in the late 1970s.
In the past, pensions from taxpayers were used to provide pensions for senior citizens upon their retirement. However, because of the increased life expectancy of Australians coupled with the decrease in the average number of children per household, the use of pensions, if persisted with, will put a significant strain on the Federal Budget.
This, in turn, can lead to a decrease in earnings as each fund will introduce any number of fees for maintaining the account. More significantly, a member account in a superannuation fund can possibly be forgotten in time and become unclaimed.
It is estimated that there is currently more than $7.2 billion of unclaimed and lost superannuation. This works out to about one in every three Australians who have money in superannuation and don't know about it.
As such, it is imperative that Australians take a proactive approach
to superannuation by making sure they are always aware of which funds
By doing so, one can avoid the difficulties involved in having to track
down any possible lost money belonging to them after years of neglecting
to pay attention to superannuation during employment.
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