Sumary of Still wary Australians ‘persistently’ hoarding savings:
- Some startling findings about how Australians are coping financially during the Covid pandemic have been revealed in a new report.
- CBA’s head of financial wellbeing Ben Grauer said that indicated “a persistence of precautionary savings behaviour during the pandemic”.
- Consumer sentiment reached an 11-year high in April, bouncing off a 10-year low at the beginning of the pandemic.
- Camera IconConsumer sentiment surged in April as the economy recovered and shoppers embarked on a spending spree, venting pent-up demand.
- Credit: News Corp AustraliaOverall, the report concluded the average Aussie had a financial wellbeing score of 50.1 out of 100, as of September this year.
- Surprisingly, the score was lower two years earlier at 47.3.Mr Grauer said the results were encouraging to see and may be a surprise to some.
- “A range of macro and micro economic factors during the pandemic all help to explain this increased and sustained level of financial wellbeing compared to pre-Covid,” he said.