fbpx

More young people are accessing their Super.

| | ,

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The largest portion to access their super is Australian’s 30 or younger, and this explains why $10,000 can be withdrawn, yet an average of just over $7,500 has been paid out to each applicant.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.

Sign up here for business, finance and tech news direct to your inbox – every Monday. 


More reading:

Financial Independence…sounds pretty good hey! How about Retiring Early…Even better. We’re not talking dreams here. We’re talking about the FIRE movement…and it’s taking off!

FacebookTweetLinkedInEmail If you’re a business owner or want to start a business than we have something for you! Hunger Daily has found 7 of the best business podcasts in Australia….

FacebookTweetLinkedInEmail Why you should find out the seller’s motivation It is often said in property “you make your money on the way in”. Getting a good purchase price can kick…

FacebookTweetLinkedInEmail No, you didn’t read the headline wrong…Luxury car sales figures have increased since Covid-19 in Australia! We only seem to be hearing news about businesses shutting down, a recession…

FacebookTweetLinkedInEmail We’ve found the best investing podcasts in Australia, to find out why we love them so much. Keep reading on: If you’re interested in investing then this is for…

FacebookTweetLinkedInEmail How much is the commission of a Real Estate Agent and is it fair? So (hypothetically) you want to sell your home. Of course, you want the best price…

FacebookTweetLinkedInEmail ATO data matching for Job Keeper/Seeker Over the last few months, the government has come out with a range of support to help struggling Australians. Job Keeper, Job Seeker…

FacebookTweetLinkedInEmail The world’s largest living coral reef aquarium – Reef HQ Queensland is home to the worlds largest living coral reef aquarium where you can experience the wonders of the…

FacebookTweetLinkedInEmail The ATO’s warning to investors It’s almost financial new years eve, prepare the fireworks!! It’s also time to start looking at your taxes. Sounds exciting right? Like clockwork, the…

FacebookTweetLinkedInEmail Alex Tew hit a home run with his first venture – The Million Dollar Homepage. Have you ever been in the shower and thought of a “Million Dollar Idea”?…

Previous

Local papers shut down as news moves digital.

Business Insights – Sailing La Vagabonde

Next