Financial wellbeing of Australians still better than two years ago

The latest Melbourne Institute and CBA report into Australian’s financial wellbeing has been published, showing overall, we’re still doing better than pre-pandemic. Savings has kept this wellbeing score higher, as people favour squirreling money away instead of spending it.

The Melbourne Institute: Applied Economic & Social Research and the Commonwealth Bank Australian Consumer Financial Wellbeing report shows that while our financial wellbeing is declining year on year, it remains elevated compared with two years ago. The median savings balance in December 2021 is 42 per cent higher than December 2019.

The report says people are ‘hedging against uncertainties’ relating to the pandemic, rising inflation and returns on savings.

The report uses transactional data of over five million Commonwealth Bank customers to get a better understanding of the current financial welllness of Australians.

Download The Australian Consumer Financial Wellbeing report 2021