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Life Insurance

Despite Global Pandemic, Australian’s Happiness Remarkably Unscathed According to New Whitepaper by NobleOak

13 Apr 2021

Life Insurance by Life Stage

The choices you make today can impact your long-term health, wealth and happiness. Understand the important role Life Insurance can play in key life events.

Families and happiness appear the winners from latest Whitepaper by independent Australian life insurer NobleOak, which highlighted some unexpected impacts from the COVID-19 pandemic.


The survey research found that despite the impact of a once-in-a-lifetime global pandemic, Australians’ happiness levels remain virtually unchanged.  In 2019 Australians reported an average happiness score of 6.9 out of 10, but despite the complete upheaval of life in 2020 that score remains almost steady at 6.7, highlighting a significant level of resilience.


The report also found that spending more time with family (42%) has helped Australians recognise what’s important in life, with people in family situations or couples being significantly happier than singles.


“COVID-19’s had a significant impact on the lives of Australians in so many ways – financially and mentally. Given the current uncertain climate we anticipated the ‘save more, spend less’ strategy, but we did not expect Australians’ overall level of happiness to be unaffected,” said NobleOak CEO, Anthony Brown.  “As a company focused on protecting families, it’s so rewarding to see proof of the role that family plays in maintaining happiness, especially during times of stress and societal upheaval”.


Despite the massive focus on COVID-19, Australians correctly identify cancer as the biggest threat to their mortality, as they did in 2018 and 2019 as well. But in what appears to be a small silver living to the pandemic, there has been a significant increase in mental-health awareness, with Australians ranking it as the second most important risk for the first time.


Nearly half of Australians (46%) surveyed report having their working lives significantly affected by COVID-19, with nearly a third (32%) experiencing reduced income and a quarter forecasting reduced future income.  This correlates with the financial caution NobleOak is seeing with almost half of the respondents (45%) spending less and saving more (38%).


To read the NobleOak Whitepaper in full go to nobleoak.com.au.


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