NT and Tas the least optimistic for the next 5 years of work

Residents of NT and Tasmania are the least optimistic about the next five years of work, according to a new survey from the ADP Research Institute. The survey of more than 7,000 people living in the Asia-Pacific region shows that about 30% of Tasmanians and Territorials are worried about the future of work.

On top of that, nearly 40% of all respondents in Australia said they expected Covid-19 to have an impact on their ability to find employment over the next three years.

The silver lining of savings

Perhaps a slight glimmer of hope for emerging from the economic uncertainty felt over the past 12 months is that many people have started to take saving more seriously. In fact, a recent MLC Wealth survey found that more than half of respondents were more serious about saving than they were a year ago.

“Despite strong economic data, the emotional and financial hangover of Covid-19 is very real for many Australians and savings are understandably seen as an important safety net,” said Tim Steele, MLC group director for retirement and investment solutions.

Steele added that while it is great that Australians are focusing more on savings, individuals need to be better informed about their financial decisions and take proactive action. He said: “Small, smart steps taken now can make a big difference to your future bottom line, especially when it comes to getting the most out of your savings. “

But what exactly does it look like to make the most of your savings?

Financial health check

So how do you use your money wisely? Well, there are a number of steps you can take to put yourself on a financial footing and get you on the right path to a more financially secure life. Some of them are:

  • Meet again utility bills. Check how much you are currently paying gas or electricity, internet and a landline. Could you change supplier and pay less? Could you be on a cheaper plan?
  • Discover your credit rating. Usually, you can request a copy of your credit rating free, once a year. This is good to know in case you want to take out a home loan in the near future or any other line of credit. Plus, if your score isn’t good, you can work on improving it.
  • Consolidate debt. Following the last point, if you have debt, see if you can consolidate it and work on getting rid of it. One way to do this is to remove a debt consolidation loan. Or if you have credit card debt another way is to put it all on one credit card balance transfer with an interest rate offer of 0%.
  • Make a budget. You’ve probably heard it a million times before, but find one budget can actually be very useful. Just taking stock of your inflows and outflows and getting an overview of your finances can be helpful in knowing where to cut down in the future. Even if you make a very vague plan and only come back to it every now and then, it can still be worth it.
  • To cut unnecessary expenses. Once you have a budget, or at least take stock of where your money is going, it will probably be pretty obvious where you can make cuts. Have you signed up for subscription services that you could do without? Could you survive on a cheaper mobile plan?

Finally, having a savings account that works for you is essential. Indeed, MLC has found that one in three Australians is concerned about the interest rate on their own. In addition, more than 50% said they now place more importance on their retirement funds and investments than before the pandemic.

If this sounds like you, you might want to revisit where you currently keep your rainy day fund. Head to Mozo’s compare savings accounts page to see what’s on offer. Or check out the interest rates below to see if you could get a more competitive deal.

^ See information on the Mozo Experts Choice Savings Account Awards

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About Roberto Frank

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