Originally published: The Advocate, 21 September 2020
Coronavirus has forced a third of Australians to dip into their savings, with many using money they intended for first home deposits.
Many others have been forced to eat into their savings for retirement.
That is according to research for Tasmanian-based MyState Bank, which warns many people will be hit harder as federal financial support winds back.
MyState Bank general manager, customer experience, Heather McGovern said many people were still struggling to manage their finances despite financial hardship assistance available from the government and banks.
“What started out as a health crisis has been felt in the hip pockets of many Australians across the country,” Ms McGovern said.
“While lockdown measures have helped some Australians into a better financial position, for others, it has left gaping holes in their household income.”
The research was based on a survey by Pureprofile of 1008 Australians between June 1 and June 4.
