Withdrawing super during COVID-19
How do people understand and prepare for their long term financial needs after withdrawing their superannuation during COVID-19?
Go to Challenge | 10 teams have entered this challenge.
Project Super Savings
Project Info
Team Name
Super SPRKSS
Team Members
Puru , Saumya , Smitan Pradhan , Rooban , K.P , Sharodh Keelamanakudi Ragupathi
Project Description
COVID has struck the global economy hard and the Australian lands, already reeling from the aftereffects of Black Summer and droughts, are no exemption to this. With widespread loss of livelihoods, not only are Australians struggling to meet their financial goals, but also to make ends meet.
The Australian government’s move that makes provisions for eligible persons to withdraw upto $20,000 from their superannuation in the financial years 2019-20 and 2020-21 comes as a respite to many, but at the same time also raises concerns about future financial security. Withdrawing money from super before retirement means relinquishing the benefits offered by compound interest, a powerful concept, over a number of years. The degree of loss is highly variable across individuals, and depending on one’s years to retirement, it can even mean loss of double the amount withdrawn from super.
However, desperate times call for desperate measures. But before making the hard decision of withdrawing from super, it is necessary to evaluate whether or not one would be skating on thin ice in the long run, and scout for alternative arrangements if needed.
Our prototype ’Super Savings’ helps you see for yourself a risk factor based on multiple features such as the locality of the user, the profession of the user, and the demographic details of the user.
It also lets you see the earning potential of others similar to you, and this may serve as a cue to how you can upskill yourself and make your future more comfortable. Finally, it provides you links to trusted financial advisors who can help you chart out the best plan tailored to meet your needs.
Team DataSets
Taxation Statistics 2017-18 - 3
Description of Use We have used these datasets to find out some of the key information such as average income, average tax paid, etc. through these datasets which are grouped at multiple levels (such as post code, state, gender, age group, occupation, etc.)
Taxation Statistics 2017-18 - 2
Description of Use We have used these datasets to find out some of the key information such as average income, average tax paid, etc. through these datasets which are grouped at multiple levels (such as post code, state, gender, age group, occupation, etc.)
Taxation Statistics 2017-18 - 1
Description of Use We have used these datasets to find out some of the key information such as average income, average tax paid, etc. through these datasets which are grouped at multiple levels (such as post code, state, gender, age group, occupation, etc.)