Report: How COVID-19 impacted Young Australians & their outlook on money.

2020 was a tough year for all Australians. In a matter of days following the first lockdown, the great health, social and economic impact of the pandemic began to take hold.

Working with youth finance publisher, Mandy Money, we wanted to better understand how the COVID-19 pandemic had impacted young Australians and their outlook on their finances. To gather this insight, we surveyed 550 Australians aged 20-25 on a range of finance, brand and lifestyle questions to discover the ongoing impact of the CV-19 pandemic had on their view of money.

Some key insights from the report were:

• 78% of Young Australians saw an increase in their savings during 2020.

• 53% of Young Australians had a sense of 'financial regret' in 2020, primarily coming from not investing in the share market, spending too much online or not saving.

• Young Australians said they didn’t feel much support from their bank in 2020. On average, when asked to rank the support felt by their main banking provider on a scale of one (no support) and ten (overwhelming support), the average response was 3.75 out of 10.

• 40% of Young Australians said they were first time investors in 2020.

• Buying a home still remains the biggest financial burden for Young Australians, with just over 1 in 4 stating this as their biggest financial concern.

• 67% of Young Australians said they’re feeling confident about their financial situation in 2021.

The full report (available for download below) paints an optimising outlook from young savers, who want more from their financial services providers to help them on their journey towards financial freedom.