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Report

A brief reprieve? Financial wellbeing after the 2020 COVID-19 lockdowns

Publisher
Financial stress Economic indicators Financial security Household finance Disease management Australia
Description

This analysis of Roy Morgan Single Source Survey data showed that during the low-COVID period (October 2020 to March 2021) that followed the 2020 peak of the crisis, there was no ‘snap-back’ for people on the lowest incomes.

As government supports such as the Coronavirus Supplement were gradually withdrawn, many people were plunged (back) into poverty. Workers in affected industries continued to face challenges making ends meet, with employment and work-hours remaining below the pre-COVID level. Many who had drawn upon savings or taken on debt to get through the crisis faced a long rebuilding process to get back to their pre-crisis financial position.

This paper explores financial wellbeing trends for vulnerable Australians after the 2020 COVID lockdowns, as the economy reopened and  government supports were reduced.

The authors also consider how prepared these groups were for a second crisis, particularly one with more limited government assistance, given the resurgence of COVID-19 in mid-2021.

Related Information

All in it together? Financial wellbeing before COVID-19 https://apo.org.au/node/312455

Shocks and safety nets? Financial wellbeing during COVID-19 https://apo.org.au/node/312446

Publication Details
License type:
All Rights Reserved
Access Rights Type:
open
Series:
Financial Lives in Uncertain Times Paper No. 3