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The Pilbara has the country's highest level of lost superannuation, according to a report released today.

The Westpac Lost Super Report claims Pilbara residents have an estimated $3332 in lost super per person, topping the nation ahead of Darwin, north-west Queensland, inner Brisbane and inner Sydney.

The Kimberley had the seventh highest level of lost super.

The report coincided with the release of new Federal Government figures showing Australians are owed $17.4 billion in lost superannuation, down from $20.2 billion.

Financial Services and Superannuation Minister Bill Shorten said the number of lost member accounts had fallen from 5 million in October 2011 to 3.6 million in December 2011.

"The average value of a lost super account is around $4800," he said.

"Some of these accounts are inactive and owners could consider consolidating them to make the most of their retirement savings and avoid paying unwanted fees."

The Westpac Lost Super Report claims 45 per cent of Australians are likely to have lost super but only 5.6 per cent know that they do.

Younger generation are 2-3 times more likely to have lost super than older Australians, with 61.8 per cent of people aged under 40 having lost super.

Only 54.5 per cent of people under 40 with lost super were actively looking for it.

Mr Shorten said the best ways for people to avoid losing super were to ensure that their super fund had their tax file number and use the online SuperSeeker tool at www.ato.gov.au/superseeker .