A new report form the Melbourne Institute and Commonwealth Bank revealed that the continued high level of financial wellbeing is partly due to the accumulated savings of Australians throughout the pandemic, which remain elevated when compared to pre-pandemic levels.

This is demonstrated through the median savings balance in December 2021 being 42% higher than the same time two years prior.

The report analyses aggregated transactional data of more than five million CBA customers each year to better understand the current financial wellbeing of Australians.

Scoring financial wellbeing from zero (low) to 100 (high), the average financial wellbeing score was calculated as 49.9 in December 2021.

This is down 0.8 points year-on-year, but is still 2.4 points higher than two years ago when the financial wellbeing score was 47.5.

Program Coordinator at the Melbourne Institute Professor John de New said these increased savings represent Australians hedging against uncertainties related to COVID-19, as well as rising inflation and returns on savings.

"Based on the underlying data there have been high levels of financial wellbeing during the pandemic, with the latest research showing Australians are continuing to fare well overall," Professor de New said.

Median 'inflows and income' also increased by $1,600 last year, but this was outpaced by the $3,600 increase in the median 'outflows and expenditure' throughout the same period.

"The data shows Australians started to spend more towards the second half of the year – likely due to pent up demand from earlier lockdowns," Professor de New said.

"While this contributed to the slight year-on-year decline in financial wellbeing, the increased spending speaks to the high consumer confidence reported at the end of last year."

CBA's Head of Financial Wellbeing Ben Graeu said the report helps CommBank 'deeply' understand its customers and what factors impact financial wellbeing over time.

"Despite the hardships of the pandemic, it is encouraging the research suggests the majority of Australians have better financial wellbeing than two years ago," Mr Graeu said.

"A range of macro and micro economic factors, such as Government support, and the ability to access financial support, such as deferring loans and small businesses accessing reduced lending rates, can all help to explain this."


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Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$250,000
$0
$0
Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$249,999
$0
$0
Featured
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Bonus rate of 5.50%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$0
$0
Featured *Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Bonus rate of 3.25%
Conditions apply.
5.25% p.a.
Intro rate for 4 months
then 3.25% p.a.
$790
4 months
$0
$1,000,000
$50
$1
  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.
0.50% p.a.
Bonus rate of 4.85%
Conditions apply.
5.35% p.a.
$1,097
$1
$50,000
$500
$1
0.05% p.a.
Bonus rate of 4.95%
Conditions apply.
5.00% p.a.
$1,023
$1
$250,000
$20
$0
0.05% p.a.
Bonus rate of 5.45%
Conditions apply.
5.50% p.a.
$1,128
$0
$50,000
$1,000
$0
For customers aged 14-35 years
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

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