Over a third of Australians are putting more money into savings than they did before the Coronavirus pandemic, despite having had their incomes reduced.
That’s according to research released as part of ME’s new COVID-19 Financial Sentiment Snapshot, which included a survey of 1,000 Australians completed last week.
34% of respondents to the survey whose incomes have been affected by Coronavirus reported to have increased the amount they were saving compared to before the pandemic, while the figure rose to 48% among those whose incomes have either been unaffected or increased.
“Many households tend to put money aside as soon as they feel financially uncertain,” said ME Money Expert, Mathew Read. Having a financial buffer is a good idea as it provides peace of mind when it comes to paying bills, essentials, rent or a home loan.”
“One saving grace of staying at home is that we’re spending less on activities such as going out to dinner or taking holidays. For some, the lockdown is forcing us to save.”
While the majority of respondents to the COVID-19 Financial Sentiment Snapshot survey reported that their incomes have either stayed the same (56%) or increased (11%) since the COVID-19 pandemic began, a considerable 33% have seen their income decrease.
Even more Australians felt that they were likely to feel the effects of the outbreak in months to come, with 44% bracing for a future whack to their household incomes.