Are you missing out on your fair share of $2.3 billion?

Considering we’re all planning on living much longer, you think we’d be experts at making the most of our pennies, but not so according to new research.

RaboDirect’s Financial Health Barometer says baby boomers are missing out on $2.3 billion of “lazy cash”, simply because we aren’t choosing the right bank accounts.

The research found that close to one-third of all over 60s are not making the most of their savings, however large or small, which have to potential to earn extra income, even with today’s low interest rates.

According to the survey, 27 per cent of boomers have their savings sitting in a transaction account, which pays virtually no interest. A further 21 per cent don’t know what the interest rate is on the account in which their savings are stored, which suggests they are probably not getting the best deal they can.

“It’s quite possible they will be around for another 20, 30 or 40 years so it’s certainly worth making the most of every dollar saved during their working life,” said Glenn Wealands, RaboDirect head of research and analytics.

“Simple tactics such as swapping from a transaction account to an account that earns a high interest rate can make all the difference.”