Consumer anxiety has risen again in the first quarter of 2020, according to Part 2 of NAB's Australian Wellbeing report, largely due to coronavirus. 

Financial anxiety rose from 60.6 points during the first survey wave (March 12-16) to 62.2 points during the second survey wave (March 17-20).

Around four in 10 Australians said they had experienced some form of financial stress or hardship in the last three months, and that number was much higher for the unemployed (58%), low income earners (55%) and young people (52%).

“Some anxiety around money is incredibly common, but if these concerns start to have a major impact on people’s wellbeing, it can become a serious problem," NAB’s Head of Behavioural & Industry Economics Dean Pearson said.

“After 29 years of uninterrupted economic growth many Australians have become accustomed to a growing level of prosperity, so we would expect to see an impact on people’s sense of financial wellbeing due to the virus.

“While the government has taken unprecedented action to support the economy and keep people in employment, many Australians are likely to feel financially more vulnerable, even those that may have not been directly impacted financially to date."

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Provider

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  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
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Savings Account (Amounts < $250k)

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  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
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  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
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  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
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Goal Saver

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    Young Saver Account

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      Smart Saver Account (Under 25)

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        Reward Saver Account($0-$100k)

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          Save up

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            Bonus Saver (<$1 Million)

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              ANZ Save

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                Bonus Saver Account (Amounts < $100k)

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                  NetBank Saver

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                    Life (< 30 years) (Monthly deposit)

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                      Boost Saver

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                        HomeME Savings Account ($0 - $100,000)

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                          Growth Saver ($1 - $25k)

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                            For customers aged 14-35 years
                            For customers aged 14-35 years

                            Future Saver Account ( < $50k)

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                              Reward Saver Kick Start (Amounts ≤ $1m)

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                                Saver Account (<$250k)

                                  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 July 19, 2024. View disclaimer.

                                  Most demographic groups reported feeling higher levels of financial anxiety, but anxiety remains higher for women than men. 

                                  The data showed that women were more worried than men about raising money for an emergency, their children's education and mortgage or rent costs.

                                  “Women earn less than men so it’s not surprising they face more financial struggles," Mr Pearson said.

                                  "They’re also still more likely to be the primary carers for children and elderly parents, and that can also impact their financial position, particularly during this crisis."

                                  Australians aged between 30-49 and 18-29 were the most anxious age groups, but the biggest rise in financial anxiety was in the over 65 age group, "perhaps reflecting impact of the stock market downturn on their superannuation and other investments and poor returns due to low interest rates".

                                  “Retirement is essentially a bet on the future and it’s often the unexpected nature of change that makes it so unsettling," Mr Pearson said.

                                  Interestingly, there was one demographic that didn't report feeling financially stressed - those already unemployed.

                                  “With so many Australians expected to become jobless, those already unemployed may be looking at their financial situation in a slightly different light, perhaps with the feeling that more of their fellow Australians are in the same boat," Mr Pearson said.