Forgotten and unclaimed money amounting to AU$636 million is waiting for its rightful owners to follow simple step-by-step procedures to claim their money, says the Australian Securities and Investments Commission (ASIC).

Through the MoneySmart website, the Aussies are encouraged to determine if any of the state governments has their money, and if so, lodge a claim.

The MoneySmart website provides a tutorial video for web users wanting to check whether they have unclaimed funds.

ASIC financial literacy executive Delia Rickard said records show that many Aussies have lost track of their bank accounts and other financial assets. This is a normal occurrence, apparently, as it is doubtful that people would deliberately leave their money behind.

"They forget, or they move and they forget to pass on their new details," Rickard said.

Ms. Rickard shared a piece of advice for people to better manage their finances and reduce the risk of forgetting a good amount of funds: Update your records.

"When you are moving there are a lot of things to do and you might forget to write to each company you have shares in, and they lose track of you."

"I think the biggest amount we have waiting to be claimed is $992,000; that belongs to someone who at least opened the account in Carlisle, Western Australia, an old Commonwealth Bank account," informed Rickard.

The MoneySmart website provides a tutorial video for web users wanting to check whether they have unclaimed funds. While at the website, it would be a smart move to check out the other features of money smart online for practical budget and spending tips.