One-third of Australians plan to up their emergency savings

Olivia Gee

Thursday 23 April 2020

As businesses are forced to shut up shop alongside a stream of predictions about rising unemployment, you may feel less frazzled about your finances if you have an emergency savings fund

Couple looking at increasing their emergency savings fund after COVID-19 conditions have eased.

Supporting this sentiment, a new report has revealed intentions to grow a rainy day savings pool have increased since the beginning of the pandemic.

Around 32% of Australians plan to knuckle down and start contributing more to their emergency fund once the COVID-19 crisis has passed, according to the most recent joint report from tech company Toluna and digital research consultants Harris Interactive.

So why are savers waiting to get cracking on their emergency fund? What stands out is low confidence in the current climate. 

Half of the 1,046 Aussies who were surveyed from April 9 to 14 said they weren’t confident in their personal finances since lockdown measures were brought into effect and only 24% feel secure in their jobs.

Post-coronavirus resolutions

If you feel like your financial dreams are on pause right now, planning ahead can be cathartic. The report detailed a few post-lockdown resolutions for inspiration:

  • After weeks stuck inside attempting living room workouts to stave off lethargy, 39% of Australians plan to be more health conscious post-pandemic
  • 35% are planning to go out to restaurants, bars and cinemas more than their pre-pandemic selves
  • In light of the environmental impacts of COVID-19 lockdowns, 23% plan to be more sustainable.  

If you want to get on top of your future emergency fund asap, head to Mozo’s savings account comparison page, or check out the high interest savings account options in the table below.

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