Financial situation during Covid-19 outbreak

Mar 31, 2020

Q. Which of the following best describes your financial situation during the Covid-19 outbreak?

NET: Agree 29/03 22/03
I do not expect the Covid-19 will impact my income 26% 24%
I have sufficient savings to deal with a short-term loss of income 32% 26%
I will struggle with a short-term loss of income, but will get by 23% 29%
I will be in serious financial stress with short-term loss of income 20% 21%
Base (n) 1,086 1,034

 

    Gender Age Group Location
  Total Male Female 18-34 35-54 55+ Capital Non-Capital
I do not expect the Covid-19 will impact my income 26% 31% 20% 23% 21% 32% 27% 22%
I have sufficient savings to deal with a short-term loss of income 32% 31% 33% 40% 33% 23% 32% 30%
I will struggle with a short-term loss of income, but will get by 23% 20% 25% 27% 30% 12% 24% 21%
I will be in serious financial stress with short-term loss of income 20% 18% 22% 10% 16% 32% 17% 26%
Base (n) 1,086 539 547 341 362 383 727 359

 

    Household Employment
  Total Have dependent children Do not have dependent children In paid employment Not in paid employment Retired
I do not expect the Covid-19 will impact my income 26% 22% 27% 27% 17% 32%
I have sufficient savings to deal with a short-term loss of income 32% 33% 31% 36% 32% 18%
I will struggle with a short-term loss of income, but will get by 23% 27% 21% 25% 33% 4%
I will be in serious financial stress with short-term loss of income 20% 18% 21% 11% 18% 46%
Base (n) 1,086 713 373 567 274 202

 

Financial situation during Covid-19 outbreak

Mar 24, 2020

Q. Which of the following best describes your financial situation during the Covid-19 outbreak?

    Gender Age Group Location
  Total Male Female 18-34 35-54 55+ Capital Non-Capital
I do not expect the Covid-19 will impact my income 24% 22% 26% 16% 18% 37% 22% 28%
I have sufficient savings to deal with a short-term loss of income 26% 29% 22% 19% 26% 31% 28% 21%
I will struggle with a short-term loss of income, but will get by 29% 30% 28% 40% 28% 20% 31% 26%
I will be in serious financial stress with short-term loss of income 21% 18% 24% 25% 28% 11% 19% 25%
Base (n) 1,034 519 515 342 327 365 703 331
  • One in five people expect to be in serious financial stress due to a loss of income (21%), a further 29% say they will struggle.
  • Women (24%), those aged 18-34 (25%) or 35-54 (28%) and those living in non-capital areas (25%) are most likely to be in serious financial stress.
  • Around half people say they either have sufficient savings to manage a loss of income (26%) or will not suffer a loss of income as a result of the Covid-19 outbreak (24%).
  • Those aged over 55 are more likely to be in a strong financial position, with 37% not expecting their income to be impacted and 31% having sufficient savings to manage a short-term loss of income.
    Household Employment
  Total Have dependent children Do not have dependent children In paid employment Not in paid employment Retired
I do not expect the Covid-19 will impact my income 24% 18% 28% 12% 31% 41%
I have sufficient savings to deal with a short-term loss of income 26% 23% 27% 27% 14% 36%
I will struggle with a short-term loss of income, but will get by 29% 32% 27% 37% 25% 17%
I will be in serious financial stress with short-term loss of income 21% 26% 18% 23% 30% 7%
Base (n) 1,034 372 662 519 255 228
  • A quarter of families with dependent children in the household expect to be in serious financial stress with a short-term loss of income.

Financial situation

Mar 31, 2015

Q. Which of the following statements best describes your financial situation?

  Total   Work full time Work part time Income less than $600 pw Income $600-$1,000pw Income $1,000-$1,600 pw Income $1,600+ pw   Oct 2014
I don’t have enough money for basic essentials like housing food and electricity 8% 5% 11% 20% 8% 6% 4% 7%
I have enough money for basic essentials but I cannot save any money 39% 37% 37% 51% 44% 36% 34% 35%
I have enough money for basic essentials and I can save a little money 44% 46% 45% 27% 43% 49% 50% 47%
I have enough money for basic essentials and I can save a lot of money 7% 10% 5% 2% 3% 8% 11% 8%
Don’t know 2% 2% 2% 2% 1% 1% 4%

44% say they have enough money for basic essentials and can save a little money and 39% say they have enough money for basic essentials but cannot save any money. Only 7% say they can save a lot of money.

Only 29% of those earning less than $600 pw say they can save any money – compared to 61% of those earning over $1,600 pw.

Overall, there has been a slight worsening in financial situations since this question was asked in October – 47% (up 5%) say they cannot save any money and 51% (down 4%) say they can.

Financial situation

Oct 21, 2014

Q. Which of the following statements best describes your financial situation?

 

Total

 

Work full time

Work part time

Income less than $600 pw

Income $600-$1,000pw

Income $1,000-$1,600 pw

Income $1,600+ pw

I don’t have enough money for basic essentials like housing food and electricity

7%

5%

6%

27%

7%

3%

2%

I have enough money for basic essentials but I cannot save any money

35%

30%

35%

52%

44%

37%

25%

I have enough money for basic essentials and I can save a little money

47%

52%

49%

20%

41%

51%

56%

I have enough money for basic essentials and I can save a lot of money

8%

10%

6%

1%

4%

6%

15%

Don’t know

4%

3%

4%

3%

3%

2%

47% say they have enough money for basic essentials and can save a little money and 35% say they have enough money for basic essentials but cannot save any money. Only 8% say they can save a lot of money.

Only 21% of those earning less than $600 pw say they can save any money – compared to 71% of those earning over $1,600 pw.

Own financial situation

May 6, 2014

Q. How would you rate your own personal financial situation currently?

 

Total

 

 

Vote Labor

Vote Lib/Nat

Vote Greens

Vote other

Total Good

29%

24%

37%

29%

21%

Total Poor

26%

32%

17%

34%

37%

Very good

4%

3%

5%

4%

1%

Good

25%

21%

32%

25%

20%

Fair

42%

41%

45%

35%

41%

Poor

17%

18%

12%

27%

26%

Very poor

9%

14%

5%

7%

11%

I’d rather not say

2%

3%

1%

1%

1%

Just 29% of Australians would rate their own current financial situation as ‘good’. 26% would rate it as poor, with the largest proportion rating their current financial situation as ‘fair’ (45%).

Lib/Nat voters (37%) were more likely to rate their current financial situation as good. Labor (24%) and Other (21%) voters were less likely.

Although males and females differed little in the percentage who rated their current financial situation as ‘good’ (29% each), females (29%) were more likely than males (22%) to rate their financial situation as ‘poor’. Males (47%) were more likely than females (38%) to rate their situation as ‘fair’.

Those in QLD (37%) were more likely to rate their situation as ‘good’. Those in NSW (27%) and VIC (26%) were less likely.

Better or Worse off under Liberal Government

Aug 28, 2012

Q. Do you think you personally would be better off or worse off financially if Tony Abbott and the Liberals were in Government?

 

Total

Vote

Labor

Vote

Lib/Nat

Vote

Greens

Total better off

30%

4%

64%

6%

Total worse off

32%

69%

3%

52%

A lot better off

10%

1%

22%

A little better off

20%

3%

42%

6%

Make no difference

24%

18%

27%

21%

A little worse off

10%

19%

2%

11%

A lot worse off

22%

50%

1%

41%

No opinion

14%

9%

6%

21%

30% of respondents think they would be personally better off financially if the Liberals were in Government and 32% think they would be financially worse off. 24% think it would make no difference to them financially.

Respondents aged 45-64 thought they would be more likely to be worse off (32% better/40% worse) while for those aged 65+, 47% thought they would be better off and 24% worse off.

Financial Situation and Time

Jul 31, 2012

Q. How would you rate your current situation in terms of the following?

 

Struggling

Just coping

Doing well

Don’t know

Your financial situation

16%

53%

29%

1%

The time you have for the things you want to do

17%

45%

37%

1%

 

Working full-time or part-time

Struggling

Just coping

Doing well

Don’t know

Your financial situation

14%

55%

31%

*

The time you have for the things you want to do

22%

49%

29%

*

Struggling

 

Total

Men

Women

Aged 18-34

Aged 35-54

Aged 55+

Your financial situation

16%

15%

18%

17%

15%

17%

The time you have for the things you want to do

17%

15%

18%

19%

21%

8%

Personal financial situation

Mar 26, 2012

Q, Over the next 12 months do you think your personal financial situation will get better, get worse or stay much the same? 

 

28 Jun

10

18 Oct

10

4 April

11

4 Jul

11

3 Oct

11

26 Mar 12

Vote

Labor

Vote

Lib/Nat

Vote

Greens

Total better

29%

33%

32%

28%

24%

28%

34%

25%

36%

Total worse

31%

29%

31%

36%

41%

37%

29%

42%

34%

Get a lot better

5%

6%

7%

5%

4%

5%

5%

4%

14%

Get a little better

24%

27%

25%

23%

20%

23%

29%

21%

22%

Get a little worse

21%

21%

22%

23%

27%

27%

22%

30%

27%

Get a lot worse

10%

8%

9%

13%

14%

10%

7%

12%

7%

Stay much the same

37%

32%

32%

32%

32%

29%

32%

31%

25%

No opinion

4%

5%

5%

3%

3%

5%

5%

2%

5%

28% (up 4% since October last year) of respondents believe that their personal financial situation will get better in the next 12 months and 37% worse (down 4%). 29% (down 3%) expect it to stay much the same. However, these results are very similar to those of July 2011.

Greens voters (36% better) and Labor voters (34%) are the most likely to believe that their personal financial situation will get better over the next 12 months, whereas Coalition voters are the most likely to believe that theirs will get worse (42%).

People on lower incomes were more pessimistic about their personal financial outlook – those earning under $600 per week split 22% better/49% worse – compared to those earning more than $1,600pw who split 36%better/30% worse.

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