Few people would forget a bank account with $1,000 but millions of Australians have lost or forgotten superannuation funds containing that amount.
New industry research by the group Superannuation Account Consolidation has found 28 million super accounts for about 10 million workers.
The study estimates seven million of those with less than one thousand dollars can be reunited with their owners.
The federal government announced yesterday it plans to roll those into their owners' active accounts from January 1, 2014.
It says the move could save the sector about $20 billion.
The study's author, John Brogden, chief executive of advocacy group the Financial Services Council, says the consolidation will bolster super accounts, while a more efficient system should lead to lower account fees.
The Australian Taxation Office will use tax file numbers to track down the accounts and their owners.
