Voluntary superannuation payments sacrificed to accommodate financial stress

AMP bank CEO Sean O’Malley has revealed Australians are sacrificing long-term monetary plans such as voluntary superannuation contributions to accommodate current financial stress. “What we are seeing are under times of stress … people are really focusing on what’s right in front of them … what is being sacrificed is thinking about the long term,” Mr O’Malley told Sky News Australia. “We’ve seen a reduction in the number of people who are making voluntary superannuation contributions. “That really reflects people are being quite short-term in this time of stress.”