Younger savers clean out their super
Younger workers who have been laid off or had their hours reduced appear to be completely draining their superannuation savings, according to average drawdown data for the first week of the government's early access scheme.
The figures came as Treasury confirmed a decision to allow temporary visa holders to draw down their savings is expected to see a further 700,000 fund members drain an extra $2.5 billion out of the $3 trillion retirement income system.
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