Life Insurance

Australians Demonstrating Financial Caution In Wake of COVID-19

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New Whitepaper by NobleOak Sees Australians

Adopt a Save More and Spend Less Strategy in Light Of Uncertain Future

 

Interesting shifts in consumer behaviour driven by the impact of COVID-19 around the importance of Australian-owned, mental health awareness and Australian’s resilience in light of a global pandemic, have been highlighted in NobleOak’s latest Whitepaper.

 

Nearly half of Australians (46%) had their working lives significantly affected, with almost a third (32%) experiencing reduced income and a quarter forecasting a reduced future income.  This correlates with the financial caution respondents are exercising, with almost half (45%) spending less and over a third (38%) saving more than in previous years.

 

NobleOak also identified that Australians are looking for greater reassurance from their insurance provider – while ‘good value’ still ranks as the number one priority, as it did in 2019, ‘fully-underwritten insurance’ came in a close second, with ‘Australian Owned’ also ranking highly.

 

“COVID-19 has significantly impacted the lives of Australians in so many ways, and this year’s Whitepaper has provided some interesting insights into how we have responded to this once-in-a-lifetime-event,” said NobleOak CEO Anthony Brown.  “We anticipated the ‘save more, spend less’ strategy given the future still remains uncertain, but we were surprised by the extent of Australians’ resilience in light of this.”

 

Despite the significant focus on COVID-19, Australians still correctly identify cancer as the biggest threat to their mortality. But in what appears to be a small sliver living to the pandemic, there has been a large increase in mental-health awareness, with Australians ranking it as the second most important factor for the first time.

 

More surprising is how much COVID-19 has impacted the happiness of Australians. 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 unchanged at 6.7, highlighting a significant level of resilience. With 42% of people spending more time with family, and people in families or couples reporting being significantly happier than singles, the results highlight the role that family plays in true happiness.

 

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

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