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.
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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 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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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.
CompareCompareHigh Interest Savings Account
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.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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MoneyMAX Account
No Current Offer
4.75% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.75% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read our Mozo Review to learn more about the Unity Bank MoneyMAX Account
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Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Accelerator
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 3.55% p.a. (for $0 to $50,000)
- standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the ING Savings Accelerator
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