There are concerns many Gold Coasters are risking their financial future, after new data revealed we’re amongst the top in the country for gaining early access to supernanuation.
One of the measures to keep the economy afloat during the coronavirus crisis, was to allow Australians to take $10,000 from their superannuation accounts in the 2019/2020 financial year, and again in the 2020/21 year.
Recent figures from the federal government shows that over 2.5 million Australians had taken advantage of the scheme.
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But more specific analysis from Industry Super Australia has since been revealed, showing that out of the top 20 electorates taking advantage of the support, 15 of them were in Queensland.
And in the top ten electorates within Queensland, the Gold Coast electorate of Moncrieff lands at number three, behind Brisbane and Griffith.
In the analysis published by Newscorp, almost 41,000 thousand people applied for early access to their superannuation, taking out a combined $300 million.
On average, people withdrew around $7,800.
According to the ABS, more than half of people taking out superannuation will use it to pay bills and mortgages or rent.