How to find your share of Australia’s $1.1 billion forgotten money

Australians are currently sitting on $1.1 billion in forgotten cash they didn’t know they had, according to Australians Securities and Investments Commission (ASIC).

“Unclaimed money comes from dormant bank accounts, or investments or life insurance policies that haven't been claimed,” Laura Higgins from ASIC told 9NEWS.

“Whether you've moved house several times, moved overseas…It's very easy for people to have unclaimed money.”

To check for unclaimed money, people can simply type their name into ASIC’s MoneySmart website.

A claim can then be created on the site, and usually takes 28 days to process.