New data shows COVID-19’s impact on Australians’ personal finances, including debt and insurance

Original article by Roy Morgan
Market Research Update – Page: Online : 16-Dec-20

New data from Roy Morgan shows the financial impact COVID-19 has had on Australians. Almost six million Australians (28%) have had their employment negatively impacted by COVID-19 and 51% of them made resulting changes to their personal finances, as did many whose employment was not impacted directly. Throughout September and October, more than 7,000 Australians were surveyed about changes they had experienced in their employment since March and about the impact on their payments of mortgage, rent, insurance, utility bills, credit cards and personal loans. Some 28% of respondents (5.9 million Australians) reported experiencing one or more negative employment changes. Of those who have experienced negative employment changes due to COVID-19, (51.0% reported reducing housing and insurance payments or utility bills, cutting back on debt repayment, and/or making early-release withdrawals from their superannuation. In all, 27.3% of all Australians, including those who did not experience employment changes, made such changes to their finances due to the impact of COVID-19. The single largest financial change was early access to superannuation. The option was taken up by almost 10% of all Australians, and by 18.5% of those who experienced negative employment changes due to COVID-19.

CORPORATES
ROY MORGAN LIMITED

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