New data has shown that Aussies who accessed their superannuation accounts due to the coronavirus crisis have been spending thousands on non-essential items.
The Bureau of Statistics has found that of the 1.35 million people who withdrew as much a $10,000 from their accounts, around 40 percent actually saw no drop in income as a result of the virus.
While around 60 percent of people spent their money on discretionary items, such as clothes, furniture, restaurants and alcohol.
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It was also found that 14 percent of people used the superannuation money to pay off credit cards and ‘buy now pay later’ fees.
And 11 percent spent their money on gambling.