One-third of Australians plan to up their emergency savings

By Olivia Gee ·

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 - page last updated September 19, 2020

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.

  • 3.00% p.a. (for $0 to $30,000)

    0.40% p.a.(for $0 and over)

    Yesup to $250,000

    Make 5 transactions/month on linked Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

      Compare
    Details
  • mozo-experts-choice-2020

    1.65% p.a. (for $0 to $250,000)

    0.15% p.a.(for $0 and over)

    Yesup to $250,000

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

      Compare
    Details
  • 1.15% p.a. (for $0 to $250,000)

    0.01% p.a.(for $0 to $5,000,000)

    Yesup to $250,000

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

      Compare
    Details

^See information about the Mozo Experts Choice Savings Accounts Awards

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Olivia Gee
Olivia Gee
Money writer

As one of Mozo’s money writers, Olivia Gee shares her research and insights across banking, insurance and property to help readers save. She loves getting stuck into a story, unveiling all the facts, breaking down stats and drawing on personal experiences - this is what drives her as a journalist. She has a double degree from the University of Wollongong, with a BA in Journalism as well as Media and Communications.