FEW people would forget a bank account containing up to $1000, yet millions of Australians have lost track of superannuation funds of that amount, new industry research shows.

The study by the Financial Services Council estimates there are seven million inactive accounts containing less than $1000 that can be reunited with their owners, out of the nation's total of 28 million super accounts for about 10 million workers.

The Federal Government announced today it would roll those accounts into their owners' active accounts from January 1, 2014, in a move tipped to save the sector about $20 billion.

John Brogden, chief executive of the council, said the consolidation would bolster super accounts, while a more efficient system should lead to lower account fees.

He said the reform might also prompt Australians to become more engaged with their nest egg.

"You're reminding them of these little pots of gold around the place that could come together to make their super work," he said.

"Most people have forgotten about those accounts. In many cases they've been sitting around dead for 10 years, from a time when they worked part-time at a pub or stacked shelves.

"It's almost unimaginable for us to think you could have a bank account with $1000 you've forgotten about, but seven million Australians have superannuation accounts with (under) $1000 in them that they've forgotten about."

Launching the council's study in Melbourne today, federal Financial Services and Superannuation Minister Bill Shorten said the consolidation would save $20 billion over the next 10 years, at a cost of $1 billion.

"There are massive dividends for consumers and Australian financial services," he said.

The Australian Taxation Office will use tax file numbers to track down the accounts and their owners.

Originally published as Millions of Aussies to get $1000, will you?