Surprisingly, Australians’ financial comfort reached a near record high despite the pandemic – but for how long?

Surprisingly, Australians’ financial comfort reached a near record high despite the pandemic – but for how 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 18th survey, conducted in June 2020 and published in July 2020.‚Äč

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Key findings.

Government stimulus and prudent financial actions by households increased financial comfort to an almost record high of 5.76 out of 10.

But can this last? Many households are on the brink, with high underemployment and wafer-thin savings buffers.

Even with large gains among vulnerable Australians (such as casuals, single parents and the unemployed), many still have well below-average financial comfort.

An unlocked padlock

“Government stimulus has bought some time and helped boost the financial resilience of Australian households for now. But a household savings cliff remains as government support tapers.”

Jeff Oughton
ME Consulting Economist

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