Text description: The COVID-19 early release of superannuation

Figure 1: Someone in the household accessed their superannuation, by household composition

  • Single-adult household - 10%
  • Couple-only household - 30%
  • Single parent with children under 18 years - 31%
  • Single parent with children over 18 years only - 54%
  • Couple with children under 18 years - 29%
  • Couple with children over 18 years only - 5%
  • Other household type - 8%
  • All households - 23%

<<Return to Figure 1.

Figure 2: Which household members accessed their superannuation early?

Pie chart

  • Single female - 6%
  • Single male - 8%
  • Couple – both accessed super - 16%
  • Couple – female accessed super - 13%
  • Couple – male accessed super - 40%
  • Other household members only - 13%
  • Other - 2%

<<Return to Figure 2.

Figure 3: Respondent, or someone in their household, accessed superannuation early

Bar chart

  • Income reduced a lot:
    • survey 1 - 26%,
    • survey 2 - 47%
  • Income reduced a little:
    • survey 1 - 12%,
    • survey 2 - 32%
  • No income reduction:
    • survey 1 - 7%,
    • survey 2 - 10%
  • All:
    • survey 1 - 11%,
    • survey 2 - 24%

<<Return to Figure 3.

Figure 4: Predicted probability of having accessed superannuation early according to employment and income-related characteristics 

Stacked column graph

  • Income change:
    • reduced a lot,
    • reduced a little,
    • no reduction
  • Lost job:
    • yes,
    • no
  • Stood down:
    • yes,
    • no
  • Made reduntant:
    • yes,
    • no
  • Closed business:
    • yes,
    • no
  • Wage reduction:
    • yes,
    • no
  • Hours reduction:
    • yes,
    • no
  • Occupation change:
    • yes,
    • no
  • JobKeeper:
    • yes,
    • no
  • JobSeeker:
    • yes,
    • no
  • Partner employment change:
    • yes,
    • no

<<Return to Figure 4.

Figure 5: Predicted probability of having accessed superannuation early according to demographic characteristics

Stacked column graph

  • Age group:
    • 18–24 years
    • 25–34 years
    • 35–44 years
    • 45–54 years
    • 55–64 years
  • Gender:
    • Male
    • Female
    • Other
  • Relationship status:
    • Lives with spouse/partner
    • Spouse/partner lives elsewhere
    • No spouse/partner
  • Resident children under 18 years:
    • No
    • Yes
  • Resident children 18 years and over:
    • No
    • Yes
  • Education:
    • Degree
    • Diploma or certificate
    • Year 12
    • Year 11 or below
  • Language other than English:
    • No
    • Yes
  • Geographical are:
    • Capital city
    • Other major city or urban area
    • Regional area
    • Remote or very remote area

<<Return to Figure 5.

Figure 6: Amount of super accessed, by age and gender

Bar chart

  • MALE 18-29 years
    • <$5,000
      • 24%
    • $5,000-$10,000
      • 50%
    • $10,000+
      • 26%
  • MALE 30-39 years
    • <$5,000
      • 14%,
    • $5,000-$10,000
      • 46%,
    • $10,000+
      • 40%
  • MALE 40-49 years
    • <$5,000
      • 6%,
    • $5,000-$10,000
      • 37%,
    • $10,000+
      • 57%
  • MALE 50+ years
    • <$5,000
      • 7%,
    • $5,000-$10,000
      • 38%
    • $10,000+
      • 56%
  • FEMALE 18-29 years
    • <$5,000
      • 31%,
    • $5,000-$10,000
      • 50%,
    • $10,000+
      • 20%
  • FEMALE 30-39 years
    • <$5,000
      • 19%,
    • $5,000-$10,000
      • 49%,
    • $10,000+
      • 31%
  • FEMALE 40-49 years
    • <$5,000
      • 10%,
    • $5,000-$10,000
      • 43%
    • $10,000+
      • 47%
  • FEMALE 50+ years
    • <$5,000
      • 11%,
    • $5,000-$10,000
      • 45%
    • $10,000+
      • 43%

<<Return to Figure 6.

Figure 7: Uses of funds drawn from superannuation accounts

Stacked bar graph

  • Household expenses (e.g. food, groceries, utilities) - 64%
  • Rent or mortgage payments - 45%
  • Debt repayments - 40%
  • Home or motor vehicle repairs or maintenance - 26%
  • Clothing and footwear - 24%
  • Home renovation - 20%
  • TV, phone, computer, whitegoods, furniture - 20%
  • Financial assistance for a friend or family member - 16%
  • School or education fees - 13%
  • Hobbies, sports equipment or entertainment - 13%
  • Saving in case of a future drop in household income - 8%
  • Purchase of a motor vehicle - 8%
  • Saving for a home deposit - 3%
  • Prefer not  to say - 3%
  • Other - 33%

<<Return to Figure 7.

  Figure 8: Main use of funds drawn from superannuation accounts

Stacked bar chart

  • Household expenses (e.g. food, groceries, utilities) - 35%
  • Rent or mortgage payments - 19%
  • Home renovation - 14%
  • Debt repayments - 12%
  • School or education fees - 5%
  • Purchase of motor vehicle -0 5%

<<Return to Figure 8.

Figure 9: Financial actions taken in the past six months, by whether superannuation had been accessed

Stacked bar graph

  • Cut down on spending on non-essential items:
    • Respondent or household member access super - 81%,
    • No household members accessed super - 51%
  • Cut down on spending on essential items:
    • Respondent or household member access super - 57%,
    • No household members accessed super - 27%
  • Used money saved for other purposes to pay for everyday expenses:
    • Respondent or household member access super - 82%,
    • No household members accessed super - 29%
  • Asked for a pause on rent or mortgage payments:
    • Respondent or household member access super - 10%,
    • No household members accessed super - 5%
  • Applied for deferred payments or an interest freeze on credit card or loan:
    • Respondent or household member access super - 10%,
    • No household members accessed super - 4%
  • Arranged a payment plan for utilities:
    • Respondent or household member access super - 38%,
    • No household members accessed super - 12%
  • Applied for a loan or increase to credit card limit:
    • Respondent or household member access super - 11%,
    • No household members accessed super - 8%
  • Asked for financial help from friends or family:
    • Respondent or household member access super - 35%
    • No household members accessed super 14%
  • Asked for help from welfare or community organisations:
    • Respondent or household member access super 14%
    • No household members accessed super - 5%
  • Sought advice from an accountant, financial planner or bank:
    • Respondent or household member access super - 15%
    • No household members accessed super - 8%
  • Other actions:
    • Respondent or household member access super - 21%
    • No household members accessed super - 3%
  • Any of the above:
    • Respondent or household member access super - 95%
    • No household members accessed super - 64%

<<Return to Figure 9.

 Figure 10: Concerns about family's financial situation

Bar chart

  • Current financial situation
    • Did not access superannuation:
      • Not at all concerned - 38%
      • A little concerned - 37%
      • Somewhat concerned - 12%
      • Very concerned - 13%
    • Accessed superannuation:
      • Not at all concerned - 23%
      • A little concerned - 34%
      • Somewhat concerned - 16%
      • Very concerned - 28%
  • Future financial situation
    • Did not access superannuation:
      • Not at all concerned - 26%
      • A little concerned - 41%
      • Somewhat concerned - 18%
      • Very concerned - 14%
    • Accessed superannuation:
      • Not at all concerned - 13%
      • A little concerned - 33%
      • Somewhat concerned - 23%
      • Very concerned - 31%

<<Return to Figure 10.

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