One-third of Australians plan to up their emergency savings

By Olivia Gee · · 2 min read
Fact Checked
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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. 

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.

High interest savings accounts - last updated 26 April 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 . 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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  • Mozo Expert Choice Badge
    Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Simply grow your balance each month and earn a high interest bonus rate (T&Cs apply). Only requires $1 to open. Free e-banking transactions and no monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Must hold an eligible Bendigo Bank transaction account

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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 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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^See information about the Mozo Experts Choice Savings Account Awards

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