New data collected by online investment service Stockspot, has revealed savvy retirees have recorded the highest average portfolio balance in 2020.

Retirees recorded an average of $77,737 this year, ahead of transport workers at $43,597 and homemakers with $40,912.

Finance expert and chief investment officer at The Motley Fool Scott Phillips told 6PR Breakfast “compounding is largely behind the size of a retirees portfolio”.

“We also should expect older people would have more money in their investment portfolios, because they have certainly been around longer,” he said.

In 2020 Australian’s who were financially affected by COVID-19 were able to access their superannuation early.

“The early access super scheme is the worst financial policy I have seen in a decade,” Mr Phillips said.

Australian’s have until the end of the month to access the federal government’s early access to super scheme.

“If you can resist the urge to take it out please do, your future self will thank you.”

Click play to hear the full interview. 

(Photo: iStock by Getty Images.)