Australia

Youth withdrawing super ‘economic vandalism’

Youth withdrawing super 'economic vandalism'

Lower income people dipping into their super to pay debts is “an act of economic vandalism” according to UNSW Business School’s Tim Harcourt. “Low paid people and young people dipping into their super to pay of gambling debts, short term debts is really bad,” Mr Harcourt told Sky News. “It’s going to not only hurt them in the shirt run, but they’re going to have very little in future to live on in retirement. “Which means ultimately governments will have to pay a lot more pension money out. “So fiscally it won’t be good for future governments.”

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