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What did Aussies spend their super on?

  • April 22 2021
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What did Aussies spend their super on?

By Cameron Micallef
April 22 2021

Aussies who took advantage of the controversial early access to super scheme spent the majority of their money on mortgages, rent and household bills, with just one in eight saving their super for a rainy day, official stats revealed.

What did Aussies spend their super on?

What did Aussies spend their super on?

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  • April 22 2021
  • Share

Aussies who took advantage of the controversial early access to super scheme spent the majority of their money on mortgages, rent and household bills, with just one in eight saving their super for a rainy day, official stats revealed.

What did Aussies spend their super on?

A survey released by the Australian Bureau of Statistics showed that the majority of money withdrawn from super was used to pay bills.

The Morrison government allowed people who were suffering hardship to access $10,000 during both 2020 and 2021, under a scheme facilitating early access to super savings.

The ABS survey found that 29 per cent of people who jumped on the scheme by September 2020 used the funds to pay their mortgages or rent, while 27 per cent used it for household bills.

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Another 15 per cent directed the extra funds towards servicing their credit cards or personal debts, while only 13 per cent added it to their savings.

“We found that for people who accessed the scheme twice, the average total amount withdrawn was $17,441,” ABS director of household economic resource surveys Dean Adams said.

“The average single withdrawal was $7,728 for the first opportunity, and $7,536 for the second.”

The survey also found that around one in five households had someone receiving the JobKeeper wage subsidy through their employer or in their own business.

Half of these households had a mortgage, while almost half were couples with dependent children.

More than 1.3 million households had someone receiving the coronavirus supplement in the September quarter, which was $550 per fortnight at the time and a top-up to the JobSeeker dole payment.

The JobKeeper and the JobSeeker supplement schemes both ended in March.

 

What did Aussies spend their super on?
What did Aussies spend their super on?
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

author image
Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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