NT and Tas least optimistic about the next 5 years of work

father and daughter sit at kitchen table

Residents of the NT and Tasmania are the least optimistic about the next five years of work, according to a new survey from ADP Research Institute. The survey of more than 7,000 people living in the Asia Pacific region shows that around 30% of Tasmanians and Territorians are worried about the future of work.

On top of that, nearly 40% of all those surveyed in Australia said they expected Covid-19 to have an impact on their ability to find a job over the next three years.

The savings silver lining

Perhaps a slight silver lining to come out of the economic uncertainty felt over the past 12 months is that many people have started to take saving more seriously. In fact, a recent MLC Wealth survey found that over half of respondents were more serious about saving than they had been a year ago.

“Despite strong economic data, the emotional and financial hangover of Covid-19 is very real for many Australians and savings are understandably seen as an important safety net,” said MLC Group Executive for Retirement and Investment Solutions, Tim Steele.

Steele added that although it is great that Australians are focusing more on savings, individuals need to be more informed about their financial decisions and take proactive action. He said, “Small, educated steps taken now can make a big difference to your future financial outcomes, particularly when it comes to making the most of your savings.”

But what exactly does making the most of your savings look like?

Financial health check

So, how do you use your money wisely? Well, there are a number of actions you can take to give yourself a financial health check and get yourself on track to a more financially-secure life. A few of these are:

  • Review utility bills. Review how much you’re currently paying for gas or electricity, internet and a landline phone. Could you switch to another provider and pay less? Could you be on a less expensive plan?
  • Find out your credit score. Generally, you can request a copy of your credit score for free, once a year. It’s a good thing to know in case you want to take out a home loan in the near future or any other line of credit. Plus, if your score isn’t great, you can work on improving it.
  • Consolidate debt. Following on from the last point, if you do have debt - see if you can consolidate it and work on getting rid of it. One way to do this is to take out a debt consolidation loan. Or if you have credit card debt, another way is to put it all on a balance transfer credit card with a 0% interest rate offer.
  • Make a budget. You’ve probably heard it a million times before, but coming up with a budget can actually be really helpful. Just the act of taking stock of your incomings and outgoings and getting a snapshot of your finances can be useful in knowing where to cut back in the future. Even if you make a very vague plan and only come back to it now and again, it can still be worth it.
  • Cut unnecessary expenses. Once you have a budget, or you’ve at least taken stock of where your money is going, it will probably be fairly obvious where you can make cuts. Are you signed up to subscription services you could do without? Could you survive with a less expensive mobile phone plan?

Lastly, having a savings account that works for you is vital. Indeed, MLC found that one in three Australians are concerned about the interest rate on their account. Plus, over 50% said they now place more importance on their superannuation fund and investments, than they did before the pandemic hit.

If this sounds like you, then you might be keen to review where you currently keep your rainy day fund. Head to Mozo’s compare savings accounts page to see what else is on offer. Or check out the interest rates below, to see if you could be getting a more competitive deal.

Compare savings accounts - last updated 19 March 2024

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

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  • 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.

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  • 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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • 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 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.

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  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

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^See information about the Mozo Experts Choice Savings Account Awards

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