Industries seeking early super ‘in line with expectations’
The industries that have seen the highest rates of early super withdrawals due to the COVID-19 pandemic were “broadly in line with expectations”, says AMP.
According to an analysis by AMP, the hospitality and the arts and recreation industries have seen the highest rates of workers applying for early access to their super funds.
AMP said close to 20 per cent of its clients working in hospitality, coupled with around 12 per cent of arts and recreation clients, applied for access to their super during the first two weeks of the government’s early access scheme.
In total, AMP said it received 52,379 applications from clients in the first two weeks, which amounted to approximately $370 million worth of super savings.
AMP managing director, superannuation, retirement and platforms Lara Bourguignon said the company’s focus was now to support clients in hardship and ensuring they receive funds efficiently and securely.
“The volume of applicants shows how many Australians are doing it tough and we’re committed to helping them,” Ms Bourguignon said.
“It’s not surprising the highest rates of applicants work in industries where employment has been most directly impacted, including hospitality, arts and recreation.
“The analysis clearly demonstrates the strain on these industries and that the scheme is working to support those who have been displaced from work.”
Ms Bourguignon also said that AMP had seen a progressive increase from the wholesale trade sector, along with “relatively high” demand from manufacturing due to decreased work hours.
She believes all Australians looking to access their super early should make an “informed decision” by first speaking to their super provider and taking advantage of available information resources.
“It’s important people take the time to understand the different options available for financial assistance, and also the longer-term impact on their retirement,” she said.