One-third of Australians plan to up their emergency savings
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.
- Westpac
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.
CompareDetailsWestpacLife
18-29 years old
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.
Earn up to a generous 3.00% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
Go to siteCompare - MyState Bank
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.
CompareDetailsMyState BankBonus Saver Account
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.
Winner of a Mozo Experts Choice Award 2020 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.
Go to siteCompare - Bankwest
1.15% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
BankwestHero Saver
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.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
Go to siteCompare
^See information about the Mozo Experts Choice Savings Accounts Awards
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