Still wary Australians ‘persistently’ hoarding savings

still wary australians persistently hoarding savings

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.

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