NAB report shows Aussies want to save money and the environment

Travel, environmental impacts and budgeting are among the top concerns for Australians moving beyond lockdown conditions, according to a new NAB report.

The analysis is based on more than 2,000 survey responses collected between May 21-29. It investigates the extent to which Aussies plan to change the way they live, work and shop in a post-coronavirus future.

Beyond practical considerations around enhanced hygiene, the way people travel and move around day-to-day is the most prominent anticipated change. Saving more for emergencies is the next item on the agenda, alongside other reductions in non-essential spending. 

But when it comes to aspects of life which have been altered by the lockdown measures, reduction in pollution levels is what Australians are most intent on maintaining. 

Sustainable future focus

Around 42% of respondents said they would not like to return to the higher levels of environmental impact and pollution seen prior to the pandemic conditions. 

International bodies like the World Economic Forum and numerous research groups have analysed reductions in carbon emissions as flights have been suspended and factories and cities shut down around the world. A report published in science journal Nature Climate Change estimated a 17% drop in global daily carbon dioxide emissions in April, the lowest level seen in more than 14 years. 

How can my financial choices impact this? 
There are many money moves which can help reduce your carbon footprint. Ensure your cash is stored somewhere supporting sustainable practices by choosing a bank and super fund not investing in fossil fuels. 

Then look at your utility bills. Are you eligible for a green energy plan? Or, can you switch to a provider offering carbon-neutral options? These choices – which could save you money in the long run – can contribute to the big sustainable changes Australians are looking for.

Travel and getting around

Different modes of transport and holiday destinations are top of mind for many as the country navigates social distancing and travel restrictions. NAB’s survey respondents cited international holiday travel, plane travel and using public transport as three out of the top four lifestyle elements they expect to change in the future, with significant reductions expected across the board.

How can my financial choices impact this? 
The important thing here is to consider what your travel needs will look like in the future, and how to manage any related finances. If you’re working from home instead of commuting to the office via public transport, it might be wise to pop that extra $50 per week into a high interest savings account

For car-owners who are driving less, pay-as-you-drive car insurance could be a cheaper alternative. Conversely, if you’re organising a road-trip holiday while international excursions are still off the cards, you may want to give your wheels a tune-up and consider including any additional drivers on your insurance policy. This could help you avoid paying more excess for non-listed drivers in case you need to make a claim.

RELATED ARTICLE: How to save on car insurance right now.

Shopping less and saving more

It looks like plans to spend less on non-essentials and save more for future emergencies are still a high priority for Australians. The report showed 30% of respondents want to continue to consume less into the future after reduced spending during COVID-19. 

When respondents were asked how likely they were to increase their emergency fund on a scale from 1-10 (10 being ‘to a significant extent’), 5.3 was the average answer. Compared to when the question was posed in NAB’s March survey, this rate jumped up from 4.1, which is the largest increase across all the assessed lifestyle factors. 

How can my financial choices impact this?
Curb spending and maximise savings by creating a budget. It may sound simple, but laying out all your incoming and outgoing costs, cutting non-essential or wasteful spending, and aiming for a dedicated savings goal each week or month can really boost your emergency nest egg. 

Want to set out a long-term savings plan? Check out term deposit rates with Mozo’s comparison tool.

Compare savings accounts - last updated 25 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.


^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.