Daily Coronavirus Check-in: What you need to know before withdrawing your super

Financially, times are tough for a lot of people right now. To try and help ease the burden, the government announced quicker turnaround and less stringent conditions for people wanting to access their superannuation. As soon as that was announced, 600,000 people registered their intent to apply. As of the end of April, the Australian Tax Office had approved over 450,000 applications worth a total of $3.8 billion dollars. That cash hits peoples accounts within five days. You might be thinking about applying yourself, but before you do, I reached out to Lacey Filipich, Founder and Director of Money School to find out the pros and cons of withdrawing your super early.  See omnystudio.com/listener for privacy information.