Many Australians plan to rein in Christmas spending this year, a new survey suggests.
Some 78 per cent are planning to adjust their spending this Christmas, according to a survey of 1,000 Australians by market researcher Pureprofile.
Around 38 per cent respondents said they’ll cut back spending on gifts, 21 per cent will choose budget-friendly food and drink, and 18 per cent will focus gift-giving on children.
As the holiday season approaches, many people are preoccupied with the increasing cost of living, with 20% hoping for some respite from escalating food prices this Christmas. They anticipate spending approximately $506 on groceries and beverages this year, marking a significant 25% rise from the $406 spent in 2024.
While families are striving to stretch their budgets further, a substantial amount of money remains unclaimed — billions of dollars that could offer financial relief to those eligible, especially during these times of economic strain.
If you’ve ever switched jobs, relocated, neglected to update your information, or possess multiple superannuation accounts, you might have unclaimed superannuation funds.
Recent data from the Australian Taxation Office (ATO) shows that the pool of lost and unclaimed superannuation has risen by $1.8 billion over the last financial year, taking the total to $17.8 billion.
Lost super includes both uncontactable (funds that can’t reach you and haven’t received contributions in 12 months) and inactive super (no contributions in five years).
If your fund can’t get in touch, they may transfer your balance to the ATO as unclaimed super, which is held until it can be returned or moved to a new fund account.
These funds are managed by ASIC and originate from accounts that have been inactive for an extended period, typically seven years.
In addition to superannuation, other potential sources of unclaimed money include refunds or credits from energy providers, educational institutions, and health insurance funds, among many others.
You can check if you have lost or unclaimed super by checking your myGov account, using the ATO app, or phoning the lost super search line on 13 28 65.
Lost bank accounts, life insurance, shares, and investments
On top of that, you could have a slice of an additional $2.3 billion of lost money to be claimed from bank accounts, shares, investments and life insurance policies, according to the Australian Securities and Investments Commission (ASIC).
This money is managed by the ASIC and comes from accounts that haven’t been touched for a certain period, usually seven years of inactivity.
Cash is transferred to ASIC if the account or policy isn’t claimed, which can happen if you move, change address, or forget to update your details.
Other potential sources include energy companies, universities and health funds, among plenty of others.
How to check if you have unclaimed money
State governments will also have their own records where you might find lost money from deceased estates, lost share dividends, salaries and wages, cheques, overpayments and more.
To check for unclaimed money in your state’s database, head to the relevant state website below:
