Invest
What did Aussies spend their super on?
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?
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.
A survey released by the Australian Bureau of Statistics showed that the majority of money withdrawn from super was used to pay bills.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.
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“We found that for people who accessed the scheme twice, the average total amount withdrawn was $17,441,” ABS director of household economic resource surveys Dean Adams said.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.
RELATED ARTICLES
About the author
About the author
Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more
Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more
Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more
Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more
