Financial situation during Covid-19 outbreak

Apr 28, 2020

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

  27/04 20/04 13/04 06/04 29/03 22/03
I do not expect the Covid-19 will impact my income 27% 25% 23% 24% 26% 24%
I have sufficient savings to deal with a short-term loss of income 26% 27% 29% 28% 32% 26%
I will struggle with a short-term loss of income, but will get by 31% 31% 33% 31% 23% 29%
I will be in serious financial stress with short-term loss of income 16% 17% 16% 16% 20% 21%
Base (n) 1,054 1,051 1,068 1,069 1,086 1,034

 

    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 27% 22% 30% 17% 29% 52%
I have sufficient savings to deal with a short-term loss of income 26% 25% 27% 31% 18% 25%
I will struggle with a short-term loss of income, but will get by 31% 36% 28% 35% 33% 18%
I will be in serious financial stress with short-term loss of income 16% 17% 15% 17% 20% 5%
Base (n) 1,054 349 705 546 261 219

Financial situation during Covid-19 outbreak

Apr 14, 2020

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

NET: Agree 13/04 06/04 29/03 22/03
I do not expect the Covid-19 will impact my income 23% 24% 26% 24%
I have sufficient savings to deal with a short-term loss of income 29% 28% 32% 26%
I will struggle with a short-term loss of income, but will get by 33% 31% 23% 29%
I will be in serious financial stress with short-term loss of income 16% 16% 20% 21%
Base (n) 1,068 1,069 1,086 1,034

 

    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 23% 15% 27% 13% 19% 49%
I have sufficient savings to deal with a short-term loss of income 29% 30% 29% 32% 20% 34%
I will struggle with a short-term loss of income, but will get by 33% 39% 29% 41% 34% 11%
I will be in serious financial stress with short-term loss of income 16% 17% 15% 13% 27% 6%
Base (n) 1,068 362 706 543 254 225

Financial situation during Covid-19 outbreak

Apr 7, 2020

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

NET: Agree 06/04 29/03 22/03
I do not expect the Covid-19 will impact my income 24% 26% 24%
I have sufficient savings to deal with a short-term loss of income 28% 32% 26%
I will struggle with a short-term loss of income, but will get by 31% 23% 29%
I will be in serious financial stress with short-term loss of income 16% 20% 21%
Base (n) 1,069 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 24% 25% 23% 13% 19% 32% 25% 29%
I have sufficient savings to deal with a short-term loss of income 28% 29% 27% 27% 24% 31% 29% 26%
I will struggle with a short-term loss of income, but will get by 31% 31% 32% 38% 34% 27% 31% 29%
I will be in serious financial stress with short-term loss of income 16% 15% 18% 22% 23% 10% 15% 17%
Base (n) 1,069 523 546 341 342 386 731 338

 

    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% 21% 26% 12% 27% 46%
I have sufficient savings to deal with a short-term loss of income 28% 24% 30% 33% 20% 29%
I will struggle with a short-term loss of income, but will get by 31% 36% 29% 39% 31% 17%
I will be in serious financial stress with short-term loss of income 16% 19% 15% 16% 22% 8%
Base (n) 1,069 353 716 533 255 223

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.

Pages:12»

COVID-19 RESEARCH

Read Essential's ongoing research on the public response to Covid-19.

Download this week's Report

Sign up for updates

Receive the Essential Report in your inbox.
  • This field is for validation purposes and should be left unchanged.