With rising unemployment and unprecedented trading restrictions imposed on businesses, the Federal Government’s concessional clause for early access to super has provided a lifeline for Australians in financial hardship.

The early access scheme was one of multiple levers pulled by the Federal Government to help soften the blow of COVID-19 on Australian households.

So far, 1.63 million applications for early release have been paid according to APRA, with an average payment of almost $7,500.

CoreData’s research suggests the number of people accessing their super early would likely be even higher, if not for the dominant sentiment that drawing down on retirement wealth is short-sighted.

You can read the full superannuation snapshot by clicking on the image below.

See other CoreData COVID-19 Snapshots:

Investor sentiment

• Financial hardship