Map My Plan: Financial Stress in a Pandemic

Outline:

Research undertaken in May by Map My Plan highlights we were unprepared for the financial shock arising from the COVID-19 pandemic. The study revealed 65% of Australians are more worried about their finances as a result, with biggest concerns including losing our job, reduction of income and lack of savings, and that 42% had less than $5,000 in savings. On the positive, having a financial plan is reducing financial stress during the pandemic, peaking at 51% for those with no plan, dropping to 23% of Australians with a plan.

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