During the early stages of the pandemic the Australian Government created a program with the early release of Australian’s superannuation to help cope with the demands of the pandemic. It was determined that 1 in 6 workers withdrew funds totalling $38 billion. They withdrew 51% of their super balance. Effectively reducing their retirement balance by $120,000 over the long term.
Of the money they withdrew 36% was on ATM withdrawals, this was found to be immediate spending. 10% of withdrawals were for debt repayments, 9% was spent on gambling and 6% on credit card repayments. Therefore, from the early release of super program, $3.4 billion was spend on gambling. Is giving Australian’s early access to their super a good idea? Comments are closed.
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