Table A2.
Regression estimates on the decision to withdraw, conditional on eligible.
| (1) | (2) | |
|---|---|---|
| Y = 1[Take ER] | Predictive Margins | Marginal Effects |
| Balance Before ER | ||
| Quintile of Balance before Withdrawal = 1 | 0.860*** | / |
| (0.011) | / | |
| Quintile of Balance before Withdrawal = 2 | 0.867*** | 0.007 |
| (0.010) | (0.014) | |
| Quintile of Balance before Withdrawal = 3 | 0.878*** | 0.018 |
| (0.010) | (0.015) | |
| Quintile of Balance before Withdrawal = 4 | 0.878*** | 0.018 |
| (0.010) | (0.016) | |
| Quintile of Balance before Withdrawal = 5 | 0.820*** | −0.040** |
| (0.012) | (0.018) | |
| Gender | ||
| Male | 0.913*** | / |
| (0.005) | / | |
| Female | 0.686*** | −0.227*** |
| (0.015) | (0.016) | |
| Age Group | ||
| 18–29 | 0.843*** | / |
| (0.014) | / | |
| 30–39 | 0.862*** | 0.019 |
| (0.008) | (0.016) | |
| 40–49 | 0.886*** | 0.043** |
| (0.008) | (0.017) | |
| 50–59 | 0.865*** | 0.022 |
| (0.009) | (0.018) | |
| 60 and over | 0.714*** | −0.129*** |
| (0.032) | (0.036) | |
| Tenure with Retirement Fund | ||
| Less than 10 years | 0.871*** | / |
| (0.006) | / | |
| Over 10 years | 0.847*** | −0.024** |
| (0.008) | (0.011) | |
| Employment Status | ||
| Hours reduced, expect to be employed | 0.843*** | −0.009 |
| (0.010) | (0.015) | |
| Hours reduced, not expect to be employed | 0.809*** | −0.043* |
| (0.020) | (0.023) | |
| Hours reduced, not sure to be employed | 0.899*** | 0.047*** |
| (0.011) | (0.016) | |
| Hours same, expect to be employed | 0.706*** | −0.146*** |
| (0.033) | (0.035) | |
| Hours same, not expect to be employed | 0.670*** | −0.182*** |
| (0.063) | (0.064) | |
| Hours same, not sure to be employed | 0.949*** | 0.097*** |
| (0.032) | (0.034) | |
| Unemployed due to COVID | 0.915*** | 0.064*** |
| (0.008) | (0.013) | |
| Unemployed before COVID | 0.852*** | / |
| (0.011) | / | |
| Expected Welfare Eligibility | ||
| JobSeeker = 0 | 0.865*** | / |
| (0.005) | / | |
| JobSeeker = 1 | 0.850*** | −0.015 |
| (0.009) | (0.011) | |
| JobKeeper = 0 | 0.866*** | / |
| (0.005) | / | |
| JobKeeper = 1 | 0.842*** | −0.024** |
| (0.010) | (0.012) | |
| Small business assistance = 0 | 0.861*** | / |
| (0.005) | / | |
| Small business assistance = 1 | 0.846*** | −0.015 |
| (0.023) | (0.023) | |
| Did you think about the impact of ER? | ||
| Did not think/Not sure/Don’t care | 0.876*** | / |
| (0.008) | / | |
| Thought about the impact | 0.853*** | −0.023** |
| (0.006) | (0.010) | |
| Time Spent Thinking Before Deciding Whether to Withdraw | ||
| A day or less | 0.871*** | 0.039 |
| (0.008) | (0.029) | |
| A week or more | 0.857*** | 0.025 |
| (0.006) | (0.029) | |
| Not sure | 0.832*** | / |
| (0.028) | / | |
| Source of Info to inform ER decision | ||
| Super & Other Source | 0.885*** | / |
| (0.006) | / | |
| Super Only | 0.893*** | 0.008 |
| (0.017) | (0.019) | |
| Other Source Only | 0.853*** | −0.031*** |
| (0.008) | (0.010) | |
| No Information Sources Used | 0.793*** | −0.092*** |
| (0.015) | (0.017) | |
| Main Reason Taking/Not Taking ER | ||
| Future concerns | 0.935*** | 0.072*** |
| (0.008) | (0.018) | |
| Immediate concerns | 0.886*** | 0.023 |
| (0.006) | (0.017) | |
| Money today | 0.439*** | −0.424*** |
| (0.033) | (0.036) | |
| Savings protection | 0.881*** | 0.018 |
| (0.025) | (0.029) | |
| Others | 0.863*** | / |
| (0.016) | / | |
| Estimation of ER Impact | ||
| Correct | 0.847*** | / |
| (0.011) | / | |
| Don't know/Don't care | 0.884*** | 0.037*** |
| (0.008) | (0.014) | |
| Overestimate | 0.834*** | −0.013 |
| (0.009) | (0.014) | |
| Underestimate | 0.883*** | 0.036** |
| (0.009) | (0.014) | |
| Observations | 3,542 | 3,542 |