Australians are currently sitting on more than $2.7 billion in lost or unclaimed money held across various financial institutions.

The Australian Securities and Investments Commission is urging the public to take a few minutes to check whether they are entitled to any of these funds.

The unclaimed amounts include money from old bank accounts, shares, and insurance policies, which are often forgotten when people change address, update their name, or lose contact with financial institutions.

In some cases, these funds have remained untouched for decades, with records dating back to the 1950s. The largest single unclaimed amount is reportedly $1.3 million.

Australians can search for unclaimed money by entering their name on the official MoneySmart website.

There is no deadline for making a claim, meaning individuals can search and recover their money at any time through official channels, including the ASIC website.