‘People don’t live long enough’: Aussie condemns superannuation

A fiery debate has started online after an Aussie reality TV star made a massive claim about superannuation.

A fiery debate has started after former Big Brother star and landlord Estelle Landy declared that superannuation in Australia is a scam.

Aussie employers must contribute 11.5 per cent of an employee’s earnings to superannuation, if the worker is over 18 and working 30 hours a week.

The idea is that when Aussies retire, they won’t have to rely on the pension or their savings and will have a financial nest egg.

Ms Landy, 36, isn’t impressed though.

The former reality TV star has previously gone viral on social media after she shared she was “crying” because of the stresses of being a landlord.

She claimed one tenant had destroyed her property and another had defaulted on the rent and has now weighed in on superannuation.

Never one to shy away from financial conversations, she posted multiple videos of herself condemning Australia’s superannuation system.

The 36-year-old said that “superannuation is a f**king scam” and argued that the fact Aussies don’t have access to their superannuation until retirement is unfair.

“Think about it. They get to hold onto your money and invest it wherever the f**k they want. It doesn’t matter if they lose it,” she fumed.

She previously spoke about the perils of being a landlord. Picture: TikTok/estelleey

She was a housemate on Big Brother. Picture: TikTok/estelleey

Ms Landy argued that “a lot of people don’t live long enough” to use their superannuation and claimed it was outrageous that people can’t use it to buy a house if they want to.

“Where does our money go?” she asked.

Ms Landy said the reality that Australians are slugged with monthly fees on money they can’t even use makes superannuation funds “worse than banks”.

The amount Aussies pay in fees on their superannuation depends on what fund people are with, but typically, the fees are investment, potentially insurance, and administration fees.

Ms Landy said the fact some people don’t have access to their superannuation when they need it is also wrong.

“The whole system needs to be dismantled. Restricting access to super is cooked,” she said.

She called Australia’s super system “cooked”. Picture: TikTok/estelleey

She explained she thinks super is a scam. Picture: TikTok/estelleey

Ms Landy’s superannuation opinion amassed over 60,000 views on TikTok and Aussies were quick to weigh in.

“Disagree. You can choose where it is invested, and it’s in a lower tax structure. It’s there for your retirement. Pay attention to it, learn about it and more importantly grow it,” one said.

“When you are approaching 60 and have access, you might have a different view. I would never have saved the money on my own, and now I have over a million to retire on,” another said.

“What are you talking bout? Superannuation was always set up for retirement, not to be used as a bank account,” someone else wrote.

“This is why financial advice on TikTok is dangerous,” one said.

“As someone on the way to retirement. I totally agree with you,” another praised.

“Australia in a whole is a scam,” someone argued.

“I agree. I have enough to use on a deposit on a house but I’m stuck renting and paying off someone else’s house,” one admitted.

“It worries me how many people aren’t aware that you can take your super out whenever you want. It is tricky and does cost a bit, but it can be done,” someone else said.

Peter Dutton wants to let Aussies use their super to buy homes. Picture: NewsWire/Thomas Lisson

Ms Landy’s comments come after opposition leader Peter Dutton has made an election promise to allow Aussies to withdraw from their superannuation to buy a home.

Mr Dutton said the policy has stemmed from his goal to restore “the dream of home ownership” in Australia.

The policy would mean that first-home buyers would be allowed to access their superannuation.

“Entering the property market shouldn’t be limited to those who can rely on the bank of mum and dad,” he said.

“That’s why a Coalition Government will allow Australians to access up to $50,000 of their super to buy their first home. And we will extend that policy to assist separated women.”