More young people are accessing their Super.
Unless you’ve been hiding under a rock (I’m jealous) you probably heard about the government’s early superannuation release scheme. Basically, if you’ve been financially affected by Covid-19, you can access $10,000 this financial year and $10,000 next financial year.
To be eligible, you have to be an Australian or New Zealand Citizen and meet the following criteria:
- Unemployed, or
- Receiving government benefits, or
- Made redundant, or
- workhours or business turnover reduce by 20%
Now that it’s been a couple of months since the scheme was announced, The Australian Financial Regulator – APRA has released some data:
1.59 million applications have been received by the ATO and 1.41 million dollars has been paid out. A total of 10.6 Billion dollars (yes billion) has been paid and an average of $7,510 has been received to each applicant.
Thankfully, the ATO has been quick to pay! 94% of applicants have received their cash in under 5 business days with an average wait time of 3.3 days.
Further data shows what age groups are accessing their super (Note this data is from 11/05/2020).
- 30 or younger – 455,400 approved applicants
- 31-40 – 440,500 approved applicants
- 41-50 – 282,400 approved applicants
- 51-60 – 159,000 approved applicants
- 61-70 – 16,700 approved applicants
- 71+ – 200 approved applicants
The largest portion to access their super is Australian’s 30 or younger, and this explains why $10,000 can be withdrawn, yet an average of just over $7,500 has been paid out to each applicant.
The super balance of some younger Australian’s just isn’t high enough to get the full $10,000. People aged between 21-25 withdrew an average of $6,000 while those 20 and under withdrew an average of $3,000.