Unclaimed Money in Australia
As of 2016, there is about $1.2 billion in unclaimed funds in Australia.
One of the more popular ways that money becomes unclaimed is due to Australians relocating, moving overseas, or simply just forgetting. Families who tend to move often are at risk of losing money, especially when it comes to living overseas – which is usually a time, where the act of moving takes precedent to everything else.
Overall, dormant and unclaimed bank accounts make the bulk of this money pit, with stock shares and life insurance following right behind bank accounts. There’s about $650 million in unclaimed bank accounts, $435 million in unclaimed shares, and $84 million in unclaimed life insurance. New South Wales is the greatest offender, with $388 million making the biggest chunk of the $1.2 billion.