There are fears young Australians are risking their future financial security by opting to withdraw superannuation early.

Nearly half a million Australians under the age of 30 have accessed the government’s early super release scheme, according to figures released by the ATO.

Industry Super Australia CEO Bernie Dean told Mark Levy under 30s who withdraw the full permitted amount of $20,000 will be up to $100,000 worse off in retirement.

“It’s not a cause for celebration.

“We are now looking at quite a large cohort of young Australians that have drained their savings to zero.

“They’re going to be reliant on the pension, and that means that they’re going to be more reliant on all of us down the track.”

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