Bank account news and advice

As the Covid-19 pandemic continues to financially test households across the country, recent research has shown there might be one generation that’s finding it harder than others. According to new research by J.D Power, millennials are more likely to be financially stressed compared to older Aussies. Almost half (41%) of millennials reported to have high or moderate levels of stress. One in five also said they were dissatisfied with their current financial situation and struggle with managing their finances.“Millennial finances have been hardest hit by the pandemic and it will take time for their personal financial condition to recover,” said Bronwyn Gill, head of banking and payments intelligence at J.D. Power Australia.  But despite these feelings of uncertainty, 16% of millennials have taken the initiative to switch banks within the last twelve months. Lack of competitive interest rates and too many fees were two of the top reasons for switching at 15% and 13%, respectively. A bank’s reputation was also of high importance to 6% of younger Aussies, as they would be willing to switch based on how often banks were negatively represented in the media. 

When it comes to saving and spending habits, 2020 has been a rollercoaster year of change for many. Australians have had to rethink budgets to manage income loss caused by the pandemic, turn to online shopping during lockdowns and even abandon cash to help stop the spread of COVID-19. In light of this, you might be looking for new ways to make your banking more efficient and help you save for rainy days to come. As more Aussies head online for their banking needs, we’ve laid out some of the innovative banking features to help you make more out of your cash in 2020.

Cards and digital payments are in, cash is out. That’s the major takeaway from newly released research from MyState Bank which found that two in three Australians (68%) have been using less cash since the COVID-19 outbreak began.

Do you regularly resort to sneaky Google searches to translate financial terms in the news? Then let this alphabetised glossary of July’s money jargon guide you through the financial section of any morning bulletin or weekend trivia night.

As the world grapples with the economic fallout of Covid-19, young adults are having to reconfigure their expectations of the future. Whether it’s putting travel plans on the back-burner, studying remotely, or entirely rethinking a career path or source of income, Australian teenagers will have to make some tough choices in the years to come. 

Today, Prime Minister Scott Morrison and Treasurer Josh Frydenberg announced the JobKeeper wage subsidy and JobSeeker Coronavirus supplement will continue beyond the planned September end date.

Four years after debuting in Australia, Apple Pay is now available to customers of both ME and Heritage Bank following separate announcements last week. 

The Australian Competition and Consumer Commission (ACCC) has warned online shoppers to look out for unexpected international transaction fees, when purchasing from major brands.

For the 11th year running, Australians have rated their favourite banks and providers as part of the 2020 Mozo People’s Choice Awards. 

As restrictions are slowly being lifted around the country, Australians can begin taking stock of their crisis spending habits, and how these might evolve post-lockdown.