Why we're talking more about money

29 July 2020

Australia has shared some tough times during COVID-19 but the silver lining is that we’re talking more about money matters.

New research from Industry Super Fund-owned bank ME shows that one in two of us are having more conversations about money than we used to.

In the survey conducted in June 2020, seven out of ten Australians put their increased money talk down to the economic impact of COVID-19. Around a quarter (26%) also said they feel the need to improve their financial knowledge, suggesting the pandemic has motivated us to become more aware of our personal finances.

Savings tops the money topics

According to ME’s survey, ‘savings’ is the number one theme, accounting for a massive 68% of our money conversations. That’s followed closely by discussions about household spending (53%) and paying bills (51%).

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Turning talk into action

The talk we’re sharing over money is great news. Even better, we’re turning talk into action.

More than half (52%) the Australians surveyed by ME said they have taken action to improve their financial situation during COVID-19 by reducing household spending. One in three have set up a budget.

Free resources to manage money

We could all use a little extra help when it comes to making the most of our money. Not surprisingly, 40% of Australians are heading online for ideas on how to manage their personal finances.

mebank.com.au/financialwellnessWith more people on the lookout for sensible money tips, ME recently launched a special COVID-19 online learning module as part of its free Ed School of Money.

It’s designed especially for those who’ve had their finances negatively impacted by COVID-19, and it covers useful topics like budgeting and managing expenses. It only takes 15 minutes to complete, and it could be the best quarter-hour you can spend to get back on top of money matters. 

Go to Ed School of Money

This article is brought to you by ME. For more information, please visit www.mebank.com.au. Members Equity Bank Limited ABN 56 070 887 679 and Australian Credit Licence 229500.

The Trustee and ME are not agents or representatives of one another. The Trustee is not responsible for and does not accept liability for the products or services of ME. ME is an Australian credit licensee (Australian credit licence no. 229500). You should use your own judgement before taking up any product or service offered by ME. TWUSUPER invests in ME but does not receive any commissions as a result of members using ME products and services.General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product.

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