Research by News Corp Australia shows how people are abandoning long-term financial goals to survive the short-term.
Navigating the new financial equilibrium, commissioned by News' integrated marketing solutions unit Newsamp, surveyed Australians from four generations to determine the economic fallout from COVID-19.
Most are taking a hit from the pandemic, but it is impacting each generation in different ways. 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 (such as shares and 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.
Managing director of national sales Lou Barrett says consumers are seeking analysis and advice from trusted sources. "Traffic to finance content across our network has jumped 86 per cent which presents financial brands with an opportunity to engage Australians of all ages and be their trusted advisor," she says.
Newsamp has launched a new service, COVID Files to give Australian marketers and advertising agencies the latest information, data and insights on how COVID-19 is affecting consumer behaviour and product categories.