Emergency access to superannuation during the COVID-19 shock has triggered a spending spree for some Australians, who are splashing cash on gambling, alcohol and takeaway food rather than essential household items.
Key points:
- The average person who withdrew super spent $3,000 more in a fortnight than they normally would
- Around 14pc of that spending went to debt repayments, while an average 11pc was gambled
- The Treasurer says “this is their money” which will be used “for a range of purposes”
Real-time bank transaction data crunched by the advisory firms Alpha Beta and Illion shows that many people dipping into their retirement nest eggs have increased spending on lifestyle items, rather than using the cash as a lifeline.
A sample of 13,000 peo…
Read the full article at: https://www.abc.net.au/news/2020-06-01/superannuation-withdrawals-spent-on-gambling-alcohol-takeaway/12306710