Australians’ financial comfort reached a record high despite the pandemic – but for not for all and not for long.

Australians’ financial comfort reached a record high despite the pandemic – but for not for all and not for long.
The ME Household Financial Comfort Report provides in-depth and critical insights into the financial situation of Australians based on a survey of 1,500 households.
 
The survey is designed, developed and produced bi-annually by ME with assistance from DBM Consultants and Economics & Beyond.
 
This edition presents the findings from the 19th survey, conducted in December 2020.‚Äč

Read the media release

Download the report

Key findings.

The financial comfort of Australian households has reached a record high, despite the negative impact of the COVID-19 pandemic − 7% above the historical average.

But can this last? Australia’s peak in financial comfort is likely to fall, due to declining government income payments, labour market pains and wafer-thin savings buffers.

Vulnerable low-income and low-saving households will likely be hardest hit.

An unlocked padlock

“Despite households reporting a record high in financial comfort at the end of 2020, underlying economic and financial drivers indicate that this peak may be temporary and potentially quashed in 2021.”

Jeff Oughton
ME Consulting Economist

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