Article/Insight

Australia Personal Financial Implications of Coronavirus: July Overall Impact

COVID-19 Effect: Australians Believe Personal Finances to Worsen, Delaying Major Purchases or Retirement

  • The outlook of Australians on the effect of COVID-19 on their personal finances has worsened; 39% say the worst is yet to come compared with 35% two months ago.
  • One-quarter (25%) of Australians say their personal financial situation has been either devastated or severely hurt as a result of social restrictions, affecting people across all income bands.
  • 8% of Australians say they will delay retirement, 12% for those aged 60 and older.
  • Major purchases are being delayed. More than one in five (22%) Australians say they are delaying the purchase of a car; 19% are delaying a home renovation; and 17% are delaying the purchase of a home.
  • 67% of Australians support extending JobKeeper and JobSeeker Government support.

As COVID-19 cases surge in Victoria with lockdown reinstated and cases in N.S.W. on the rise, the pandemic is continuing to drain personal finances and cause anxiety. Recent announcements by the Australian Federal Government of a second stage to JobKeeper and JobSeeker support are welcomed by many Australians for whom the effects of the pandemic on individual finances remains a significant concern.

To gain a deeper understanding of Australians’ biggest financial concerns and how these have developed as the pandemic progresses, J.D. Power has conducted a pulse survey of 1,957 Australian adults. Following are the key findings.

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