Analysis by AMP has shown workers in hospitality, arts, recreation, manufacturing and wholesale trade industries have the highest rates of applications for the Government’s early super release for financial hardship program.
The average withdrawal amount was $8,300, below the $10,000 maximum withdrawal.
AMP received 52,379 applications from clients in the first two weeks the scheme was launched, which released $370 million of superannuation savings.
Almost one-in-five AMP clients that were working in the hospitality industry had applied for the withdrawal during the first two weeks.
The average age of applicants was 40, with 66% under the age of 44, while 70% of applicants had superannuation balances below $50,000. Bourguignon, AMP managing director for superannuation, retirement and platforms, said it was important that people took the time to understand the different options available for financial assistance, as well as the longer-term impact on their retirement.
“We fully support the Government’s early release package and we’re pleased to provide our clients with quick access to their funds,” Bourguignon said.
“The volume of applicants shows how many Australians are doing it tough and we’re committed to helping them.
“We encourage all Australians to make an informed decision when accessing their super early, including speaking to their superannuation provider and taking advantage of the many information resources available.”
John Perri, AMP technical manager for superannuation, said there were other options available for those in hardship and it was important to check eligibility for JobSeeker and JobKeeper.
“Some conditions related to JobSeeker have been relaxed, such as the temporary removal of the assets test, and relaxation of mutual obligation requirements until 22 May, 2020,” Perri said.
“Many banks are also offering home loan and credit card repayment freezes, and some landlords and utility providers are also offering flexibility when it comes to rent and bill payments.”