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.
A sample of 13,000 people who accessed their super under the early release scheme shows 64 per cent of spending went on discretionary items such as clothing, furniture, restaurant food, gambling and alcohol. The two most common spending increases were debt repayments — 14 per cent of the extra spending was used to repay personal debts, including credit cards, buy now pay later bills and other bills — and gambling, which gobbled up an average of $327 of the $2,855 in additional spending.
"That tells us that much of this money was used for lifestyle reasons rather than necessity reasons," Dr Charlton said."If someone used super money to buy a $20 pizza, that pizza might end up costing them $150 at the time of their retirement. It will be the most expensive pizza they've ever bought."
So what Australia just wasted a generations future to prop up a few small businesses that were probably only tax dodges anyway.
It is their money they can do what they like
Not surprising. A crazy decision to allow it.
Look at the comments ABC. See how out of touch you are? Get out of your ivory, tax payer funded tower. Cutting your budget by 90%, would also free up money for something more useful.
Get bent. I’ll do what I want with my money
Their money. Their decision. They are adults.
What a terrible headline. The most common item was debt repayment.
Excuse my ignorance, was this a survey where they asked 13000 people did they access the super and how did you spend it? Or tracking through people’s super and bank account details?
ABC is full-on Murdoch now.
Clearly, one of the most serious problems facing Australian households is complete and utter financial illiteracy. What’s the answer to that one? Left wing, right wing - let’s throw some ideas into the pot rather than blaming everything and everyone we can think of.
For a minute there I thought this was a Daily Mail headline 🤦🏼♀️
They'll be the first lot to whine and bellyache in their retirement days when they don't have enough money for life's essentials,probably the same ones blaming baby boomers cause they can't buy a house.
We call BS on this. Give actual numbers, not suppositions.
no wonder when in a cage like battery hens people do silly things, using terror to lock them up manifest in social disruption to 'normality' when broke what does wasting a few thousand more mean anyway when job is gone
I disagree, Josh. This is the government shirking a responsibility.
It’s their money. They can do with it what they want. Free country right?
ah well, why not, isn't the world going to end in x amount of years? may as well make hay while the sun shines...
Something else we should thank China for.
Our ABC telling people how to spend their money! Mind you own business !
If I was being forced to dip into my superannuation to survive, because the government is incapable of looking after its people, I’d probably buy myself some pizza and beers too, to commiserate the fact that my future has been ruined by some fuckhead on a $500K taxpayer income.
Pizza night. 🍕 Yum!
That will make them dependant and subservient to the state later. Is that the plan?
'How dare they spend their money on what they want!' You are shaming people for choosing to stimulate the economy with their earned income, is it not a good thing that the average spend goes up when the foot traffic goes down? Who is this hack?
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: abcnews - 🏆 5. / 83 Read more »
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Source: theage - 🏆 8. / 77 Read more »
Source: abcnews - 🏆 5. / 83 Read more »
Source: SBSNews - 🏆 3. / 89 Read more »
Source: abcnews - 🏆 5. / 83 Read more »