The COVID-19 early release of super program closed at the end of 2020, having provided a financial lifeline for many Australians impacted by the virus and business closures.

An analysis by the Association of Superannuation Funds of Australia released on Thursday found the cleaning out of accounts was more prevalent for women, single parents and the unemployed.

"The (early release) scheme was a success in terms of making a large number of payments in a very short period of time to those Australians in need," association deputy chief executive Glen McCrea said.

"However, young people, women, single parents and the unemployed paid a high price in terms of the cost to their retirement savings."

The study found three million people applied for early release, with many making two applications.

Mr McCrea said superannuation funds were able to distribute money quickly during the early days of the pandemic, but it was important to recognise the detrimental impact the scheme had on many people's retirement savings.

For a 30-year-old, taking out $20,000 in 2020 would result in $43,000 less in retirement savings at age 67, measured in today's dollars and assuming no catch-up contributions were made.

The association has called for a legislated objective of super "to ensure that Australians' savings are preserved to support a dignified lifestyle in retirement".

Overall, the study found superannuation funds coped well with the demand from the scheme, making $38 billion in payments at a time when financial markets were under stress.

Almost five million applications for payments were processed in a very short time frame, and there were relatively few instances of fraud.

Australian Associated Press