The consequences of the virus will unfortunately be long lasting, both from a psychological and economic perspective.
" Understanding how Australians are feeling about their finances is more important than ever as we grapple with the economic effects of COVID-19.”
Economically, we know the effects of the COVID-19 virus are wide ranging and mean large and small businesses, families and individuals will all be affected in many and varied ways.
Measuring and better understanding Australia’s financial wellbeing increases in importance when a once-in-a-generation pandemic like this strikes – not only for banks and the financial services industry, but more broadly for society.
The ANZ Roy Morgan Financial Wellbeing Indicator provides a statistically robust snapshot of the personal financial wellbeing of Australians.
The latest research explains how the financial wellbeing of Australians has fallen from a pre-COVID-19 level of 60.7 to a post COVID level of 56.5 (on a scale of zero to 100), with around 14 per cent of people feeling less comfortable about the future. The report also shows almost half of young Australians have been financially impacted by COVID-19.
We know financial wellbeing contributes significantly to someone’s overall health and wellbeing, community connectedness, and economic and social participation.
Financial wellbeing is defined as the extent to which a person is able to meet current commitments comfortably and have the financial resilience to maintain this into the future. Improving the financial wellbeing of our customers is at the heart of ANZ’s strategy.