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%).
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.
With 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.
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.
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