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

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 14 July 2024 Important disclosures
  • 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.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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    Details
  • 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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    Details
  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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    Details
  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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  • Life - 18-29 years old

    5.20% p.a. (for $0 to $30,000)

    2.00% p.a.(for $0 and over)

    Yes up to $250,000

    Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

    Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.

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^See information about the Mozo Experts Choice Savings Account Awards

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