On day 2 of Dashboard Week at the Data School, we were tasked with analysing superannuation data. From the beginning, the second day proved to be more challenging.
One of the initial hurdles was opening the data file, which was massive and caused Alteryx to crash. Ross, one of our coaches, advised us to select the rows we needed to make the data more manageable.
After perusing the data, I identified several key areas of interest. I wanted to look at the number of male and female members by age bracket and super fund name and type, as well as the average super balance by age and gender.
The Australian Government’s Early Access Scheme Allowing Withdrawals up to $10k from Superannuation Funds in 2020 and 2021 was a significant factor in this analysis. I was particularly interested in finding out who had raided their super during this time.
Cleaning the data took up a significant amount of time, but once I had it all together, the challenge was coming up with a coherent story. Although I wasn’t able to tick every box, the data ultimately told a different story than what I was expecting.
For instance, I discovered that young men under the age of 25 with public sector superfunds had raided their super to the tune of 8k between 2020-2021, on average. Furthermore, their average super balance had dropped another 5k from 2021 to 2022. Significant changes were more industry-specific. For example, males aged 50 to 54 who are members of the Australian Meat Industry Superannuation trust saw their super dip, on average, 25k from 2020 to 2021. No other age group saw a dip this significant.
In conclusion, while the second day of Dashboard Week presented its challenges, it was ultimately a rewarding experience. The data provided valuable insights into how different factors can impact superannuation balances and how these changes are not even across the board by age, gender, or super fund type.
