How COVID-19 has changed the way Aussies spend and save

Australians took charge of their financial habits during coronavirus lockdowns in 2020.

They became more frugal, increased their savings and paid down debt, according to new research from the Financial Planning Association of Australia (FPA).

Those who didn’t made those changes said some basic financial planning could have helped put them in a better position, including building up savings earlier, cutting out non-essential spending, and paying off debt more quickly.

To mark Financial Planning Week, which kicked off on October 4, the FPA is unveiling more of its research, including how Aussies felt about their money in 2020, and how the coronavirus crisis has changed their approach to money.

In this episode of the Friends With Money podcast, managing editor Julia Newbould is joined by FPA chief executive Dante De Gori, to talk about the importance of financial planning, why we need access to credible information, and why he’s optimistic about the spending habits of everyday Aussies.

 

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