Consumer research by News Corp Australia has revealed how the Covid-19 crisis is affecting Australians’ finances and what this means for financial services brands.
Navigating the new financial equilibrium, commissioned by News Corp’s integrated marketing solutions unit Newsamp, surveyed respondents from four generations to determine the economic fallout from Coronavirus on Australians.
While most Australians are affected by the pandemic News Corp’s research shows that it is impacting each generation differently. The key findings include:
• Before the crisis, consumers had a fairly balanced approach to achieving short-term financial goals and long-term aspirations, but they are now sacrificing their longer term financial security to survive in the short term
• Younger generations are being impacted by reduced employment-related income, whereas older Australians are seeing declining income from investments (e.g. shares, investment properties)
• There is no single way consumers are reacting to the financial implications of the crisis, and many are looking for guidance on the correct path to take
• Despite the significant work that banks are doing in helping their customers, consumers are not currently giving them credit for it. Consumers recognise large supermarkets and retail brands for their role in the crisis but give little thought to the banks.
News Corp Australia’s managing director of national sales, Lou Barrett, said: “As consumers assess the short and long term impact of Covid-19 on their household budgets, they’re seeking analysis and advice from trusted sources. Traffic to finance content across our network has jumped 86 percent2 which presents financial brands with an opportunity to engage Australians of all ages and be their trusted advisor.”