One third of the people who receive pensions in advance to survive the new crown crisis are less than 30 years old. They may spend all their pensions in advance. Detailed data released by the Ministry of Finance show that as of May 11, nearly 1.4 million people had withdrawn up to 10,000 Australian dollars in pensions, of which more than 463,000 were under 30 years old. Nearly 23,500 people are under 20 years old, and another 172,100 people are between 21 and 25 years old. The age group with the largest number of pensioners in advance is the 26-30 age group.
Although applicants under 35 accounted for more than half of the total, only 46% of the total amount was taken. The highest average withdrawal amount is for people aged 56-60. The average withdrawal amount for this group (a total of 58,500 people) is A $ 9402. The average withdrawal amount is the youngest under 20 years old, only 2838 Australian dollars. The department said it has not conducted a gender analysis of the long-term effects of early retirement pensions, but the department revealed that 772,300 men withdrew an average of A $ 8,400 and another 581,700 women withdrew an average of A $ 7,942.
Labor’s shadow finance minister Stephen Jones said many people were forced to withdraw their pensions before the general public received government support. With so many young people withdrawing money, it will have a long-term financial impact on them.
