More than half of Australians unaware of superannuation shake-up

An estimated 3 million people could be affected by the upcoming superannuation changes - which could lead to a loss of their insurance money.

Source: ato

More than half of all Australians are unfamiliar with upcoming superannuation changes, which could see some people actually losing money, new data has revealed.

From 1 July, life and disability insurances will lapse if your superannuation account has been inactive for 16 months. Those with an inactive account are urged to contact their super holder and "opt in" to the new scheme, if they want to keep the cash.

But, people with low balance accounts - containing less than $6,000 - will also be affected by the shake-up.