AMP's financial wellness survey of 2,100 people held between June and July also indicates 86% of hospitality workers are more financially stressed than the national average.
The bank's survey found a 'strong correlation' between COVID-impacted industries, stress levels, and early super release applicants.
Across AMP's different superannuation brands, nearly $530 million has been withdrawn as part of the early release scheme, for an average of $7,919, according to the latest prudential regulator data.
Industry-wide, Australians applied for a $7,647 release on average - initial application requests averaged $7,400, while repeat applications averaged $8,298.
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
FEATURED
Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product.
By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 23, 2024. View disclaimer.
Retail was the second-most financially stressed industry, with 64% more stressed than the national average, followed by wholesale trade at 36%, and construction at 29%.
The national average is 14%, equating to 1.8 million workers.
Conversely, the least financially stressed industries are professional, scientific and technical services (-50%), financial and insurance services (-43%), and manufacturing (-36%).
However, the survey found those directly impacted by COVID are 10% more likely to take action to save, saving an extra 5% on average.
AMP's general manager of workplace super engagement Stephen Owen pointed to the 'encouraging' signs.
“The research also shows that many Australians have used the stress caused by COVID as a motivator to take action to review their financial circumstances, put goals in place and make plans for the future," he said.
“We know these actions can give people a greater sense of control, and significantly improve financial and general wellbeing."
AMP's survey was weighted to reflect broader Australian workforce data from the Australian Bureau of Statistics.
This is the same survey reported on last month, which also showed those moderately or severely financially stressed are losing 7.7 hours a week in productivity at work.
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For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
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Harry O'Sullivan
Denise Raward
Harrison Astbury
