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Aussies selling online, taking second jobs to make ends meet

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The COVID-19 pandemic has left many Australians financially high and dry, prompting them to re-think their approach to family finance.

According to a St.George Bank survey of 1000 households, only half felt financially prepared for the pandemic, while a third are revisiting family budgeting and the way they go about meeting their financial goals.

Half of households expect the financial impacts of COVID-19 to affect them for nearly two years, with the same proportion indicating that they'll reassess their spending habits in order to save for the future.

coronavirus aussie families unprepared

"Emergency savings is something we often talk about with our customers when conducting a financial review of their circumstances, and what we're seeing is a trend where pre-COVID, only half of Australian households factored this into their budget, but that is now changing," says St.George general manager Ross Miller.

"In light of current economic circumstances, we are seeing households think differently about their financial circumstances, and post-COVID emerging, Australians are showing a keen interest in safeguarding their financial future."

Forty per cent of households say they have already taken steps to create additional income opportunities.

"We're seeing households choosing to mitigate the financial impact of COVID-19 on their families, stating they are selling second-hand items online, and nearly one in 10 families have already taken a second job," adds Miller.

Moving in with friends and family has been another popular saving strategy.

"This shows some confident signals that households have learnt from current circumstances, are willing to cut back more, make a change or find extra ways of making income so they can be more financially prepared. For many, they are also using this time to save and look at getting on the property ladder."

We're cutting through the confusion to help you manage your money during the coronavirus outbreak. Click here for more on how COVID-19 could affect your job, budget, super and investments.

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David Thornton is a journalist at Money magazine. He previously worked at Your Money, covering market news as producer of Trading Day Live. Before that, he covered business and finance news at The Constant Investor. David holds a Masters of International Relations from the University of Melbourne.
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