How Australians are coping financially with lockdowns

The novel coronavirus pandemic ushered in a new climate of uncertainty, wrecking virtually all global economies in unprecedented ways. Australia, for instance, has been on the receiving end of the COVID-19 whip, which has left many in dire need of financial help. The country—which was the only major economy to avoid the 2008 global financial crisis— witnessed its first recession in thirty years, thanks to COVID-19. Today, major cities in Australia, including Sydney, are still in lockdown, one year after the pandemic first hit. The pandemic, and the subsequent economic and social lockdowns, have left many Australians in financial hardships. According to a recent survey from the Australian Bureau of Statistics (ABS), 1 in 3 Australians are financially worse off due to the pandemic. And this brings us to the question; How are Australians coping financially with lockdowns? Keep reading to find out. 1. Swarming for Short-Term Loans Many Australian households have had a change in income due to the restrictions resulting from COVID-19 and the subsequent lockdowns. In a recent Life During COVID-19 Survey, 30% of respondents reported a reduction in their income. When asked what actions they had taken to mitigate the impact of COVID-19, over 60% of respondents said they had taken at least one of these actions:          Applied for a short-term loan or new credit card          Asked for help from welfare or community organizations          Cut down on spending          Asked for financial support from friends or family          Requested for a pause on rent or mortgage payments The financial stress imposed by COVID-19… Read More