AMP has received 52,379 applications for early release in the first two weeks since the scheme launched, having paid out around $370 million.
The group has released an analysis based on the 200 employers with the highest withdrawal volumes, where it showed clients across hospitality, arts, recreation, manufacturing and wholesale trade had the highest rates of applicants for the early raid.
Around 17 per cent of clients working in accommodation and food services had made applications for early super, alongside 12 per cent in arts and recreation services, 11 per cent in manufacturing and 11 per cent in wholesale trade.
A reported 8 per cent of clients working in rental, hiring and real estate services; agriculture, forestry and fishing; and transport, postal and warehousing, also made claims.
The industry with the least number of applicants was financial and insurance services, with only 1 per cent of AMP clients in the sector applying.
Lara Bourguignon, AMP managing director of superannuation, retirement and platforms said it was “not surprising” the highest rates of applicants work in industries where employment has been most directly impacted.
She said there had been a “progressive increase” in applications from the wholesale trade sector, while manufacturing remains relatively high.
“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 said.
“These industries represent a small proportion of AMP’s overall client base and we’re well placed to meet further withdrawal requests.”
AMP reported it provides super to more than 1.5 million consumers, across a range of industries.
The average age of early release applicants was 40, with two-thirds (66 per cent) being under the age of 44.
The majority (70 per cent) of consumers applying have super balances of $50,000 or less, and the average withdrawal amount was $8,300 – below the maximum of $10,000 before July.
The highest number of applications was received on the first and second Mondays, but AMP reported the run rate of applications had slowed – from 30,503 in week one to 21,876 in week two.
“The volume of applicants shows how many Australians are doing it tough and we’re committed to helping them,” Ms Bourguignon said.
But AMP has pointed to other financial assistance options for consumers to consider, such as the JobKeeper subsidy and home loan and credit card repayment freezes.
“We encourage all Australians to make an informed decision when accessing their super early, including speaking to their superannuation provider and taking advantage of the many information resources available,” Ms Bourguignon said.
“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.”
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
