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.
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 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.
Credit and debit card data shows that early super access recipients, who withdrew on ave…
Read the full article at: https://thenewdaily.com.au/finance/superannuation/2020/06/01/superannuation-coronavirus-spent/