HOME > BLOG > Budgeting and Saving > Do you have lost money you don't know about?

Have you ever wondered what it would be like to find a hidden treasure of gold, silver and lots of cash? There could be hundreds or even thousands of dollars with your name on it that you don’t even know about.

Every year hundreds of thousands of dollars goes unclaimed through bank accounts, superannuation, shares and even income. So how can you find out if you have ‘lost’ money?

Bank account
Have you had more than one bank account or had accounts with different financial institutions throughout the course of your life? If so, then there is a chance that you could have money left over in these accounts without even knowing. For example, you may find $52 in an old bank account you had as a child. You may or may not find huge amounts of money, but it’s better in your pocket than sitting in an unused bank account. If you’re not sure how to search for lost bank accounts, take a look at the quick and easy ASIC’s MoneySmart Unclaimed money click here.

Superannuation is one of the most common ways Australians can lose their money. Every time you begin a new job, your employer will start up a new superannuation account for you, unless you give them your existing account. Depending on the number of jobs you have had, you could have several superannuation accounts, with your hard-earned money spread out through all of them. 

If you want to find out if you have any outstanding superannuation, take a look at the ATO’s SuperSeeker.

If you haven’t bought shares in a number of years, doing a lost money search could uncover shares you completely forgot about or, even if you are sure that you have never bought any shares, you may find that other family members may have done so in your name. You are able to use the same unclaimed money search tool for bank accounts or you can also check with your office of state revenue to uncover any lost shares. 

Have you ever checked to make sure your former employer paid out all of your wages owing along with any extras such as annual leave? There any easy to use search tool that can help you find any unpaid wages. All you need to enter is the name of your employer and your name.

Conducting these searches may help you find a goldmine or you may only find a few extra dollars, but either way, it is important to check that any money which is rightfully yours, is in the right hands.