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NAB: Financial Anxiety Easing Despite COVID19

Latest numbers from NAB reveals financial stress eased in the June quarter, despite market volatility and unemployment from the economic impact of COVID19.

According to NAB’s Australian Wellbeing Survey, the proportion of Aussies experiencing financial hardship in the June quarter slipped to 33% – down from 40% in March.

The NAB Household Financial Anxiety Index dipped to a below-average reading of 57.7 points in the June survey, versus 61.4 points in March.

“Despite the challenges brought about by COVID19, this was the lowest number in three years,” states NAB Head of Behavioural and Industry Economics, Dean Pearson.

NAB has warned “significant stablisers” have buffered the Australian population from the full extent of the economic impact of the coronavirus (e.g. early superannuation access and government subsidies).

Despite unemployment figures, anxiety over jobs has also scaled back, with Aussies more optimistic about saving than managing the cost of living.

NAB has warned that figures could notably change after late September when the government’s JobKeeper wage subsidy is slated to end.

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