Wang-Ly Nathan, Newell Ben R
School of Psychology, UNSW Sydney, NSW 2052, Australia.
Commonwealth Bank of Australia, NSW 2015, Australia.
Econ Anal Policy. 2022 Sep;75:716-733. doi: 10.1016/j.eap.2022.07.002. Epub 2022 Jul 15.
In response to the COVID-19 pandemic, many governments around the world introduced policies aiming to provide citizens with financial relief through early access to their retirement savings. In Australia, the Early Release of Super (ERS) scheme allowed eligible citizens to withdraw up to A$20,000 in funds between April and December 2020. Using data provided by a large Australian bank, we examine the characteristics of the individuals who withdrew, how they used the withdrawn funds, and what impact this had on their financial wellbeing. We find that the scheme achieved its intended goal of providing immediate financial support to citizens in need. The scheme was primarily accessed by individuals in poorer financial circumstances, and helped withdrawers to pay down high-interest debts and avoid arrears. Based on our findings, we consider the implications for governments looking to implement similar policies in the future, as well as the opportunities to support individuals who have now withdrawn from their retirement savings.
为应对新冠疫情，世界上许多政府出台政策，旨在通过让公民提前支取退休储蓄来为其提供经济救济。在澳大利亚，提前支取养老金（ERS）计划允许符合条件的公民在2020年4月至12月期间提取高达2万澳元的资金。利用一家大型澳大利亚银行提供的数据，我们研究了提取资金的个人特征、他们如何使用提取的资金，以及这对他们的财务状况产生了什么影响。我们发现，该计划实现了为有需要的公民提供即时财政支持的预期目标。该计划主要由经济状况较差的个人使用，帮助取款者偿还高息债务并避免欠款。基于我们的研究结果，我们考虑了对未来希望实施类似政策的政府的影响，以及为那些现已支取退休储蓄的个人提供支持的机会。
