Money talks: Aussies more comfortable talking finances, says ME
Between empty shelves at our local supermarket to applying for financial hardship for the first time, the Covid-19 pandemic has given everyday Aussies perspective. The pandemic has also given Aussies a new outlook on money.
According to a new survey by ME, about 50% of Aussies are now having more money conversations, with 71% attributing the Covid-19 pandemic as the reason.
“While the economic impact of COVID-19 has been a huge challenge for many Australian households, it has heightened our need to better understand our money, particularly among young Australians, who have not faced a crisis of this nature in their lifetime,” said ME general manager of deposits, John Powell.
Some of the hot topics that made the rounds included savings (68%), household spending (53%) and bills (51%).
Surprisingly, purchasing and selling property was the least popular conversation, followed by debt, while 28% talked about current government benefits, like the JobKeeper and JobSeeker scheme.
In terms of who they prefer to talk to about their finances, 62% of Aussies chose their significant other or partner, followed by family members (48%) and friends (35%).
Interestingly, less than 10% said that they spoke to their bank or financial expert about their financial situation.
“We’re of course more likely to have these types of personal conversations with those we know and trust, but it’s smart to also consider speaking with a financial expert where possible,” said Powell.
Aussies taking control over their financial future
In addition to having conversations about their finances, Aussies are also putting in the work to create a more stable future.
ME found that over half of respondents (52%) have already reduced household spending and more than a quarter (33%) have created a budget.
“The numbers show that many will come out of this pandemic with stronger personal finance skills, enabling them to make good decisions with their money and hopefully bounce back when things pick up. Despite the setbacks, some may even be in a better position than they were pre-COVID-19,” said Powell.
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