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Most early superannuation withdrawals being spent on gambling and booze

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Article image for Most early superannuation withdrawals being spent on gambling and booze

Superannuation specialists admit they’re concerned by figures showing most people who dipped into their super during the coronavirus crisis have spent it on gambling, alcohol and furniture.

The largest cohort of people to withdraw from their super funds were under 40, too.

Tony Negline, Australian Superannuation Leader at Chartered Accountants ANZ, said it was a surprise.

But it’s not all bad news, as long as those who took money out opt to put more back in, once they return to employment.

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