She writes: ‘Because I enjoy watching my superannuation grow, I noticed today it had dropped by 6 grand.
‘I call to find out WTF is going on and due to the virus, it has affected the stock market which then affects our Super.
‘Maybe I’ve been living under a rock because I had NO IDEA the 2 are linked.
‘Any advice before I’m left with nothing?’
Speaking to New Idea Food, finance expert Jimmy Ellis says everyone should check their superannuation funds.
‘It all depends on what superannuation fund you’re with,’ he says. ‘If your superannuation fund has a lot of your money in stocks, then it’s going to be affected when the stock market goes down. At the moment, the coronavirus crisis is playing havoc with the stock market, stocks are down 20%.
‘In a basic sense, if the stock market is down 20% then your superannuation could go down 20%. The hope is that when the economy and stock market recovers, so will your superannuation balance. It’s just a waiting game.’
That may be of little comfort to some who were shocked by Rita’s discovery.
‘I had no idea coronavirus was affecting our super either, it’s so shocking,’ said one Facebook user.
