How household finances are holding up during coronavirus

Coronavirus is hitting many Australians in both their household budgets and headspace. But there may be a positive impact for some.

Coronavirus is wreaking havoc on household budgets.

Almost half of Australian adults have seen their household finances impacted by COVID-19, a survey has found.

One-third reported they were financially worse off over mid-March to mid-April.

But one in seven said their household finances had improved, the new Australian Bureau of Statistics research reveals.

Just over half said their situation remained unchanged.

Eight in 10 people said they could raise $2000 for something important within a week.

However, one in 13 lacked the money to pay for one or more bills at a time, and one in 10 had to draw on savings to support basic living expenses.

The latest ABS Household Impacts of COVID-19 survey also found one-quarter of adults said they had received the first one-off $750 economic support payment.

But more than half of those have banked it or not spent it yet.

Another one in six put it towards paying bills.

That’s not great news for retailers, who have put together a plan to get people back into their stores and protect everyone’s health.

The research confirmed our emotional and mental wellbeing has taken a hammering as anxiety levels soar.

Almost twice as many adults reported feelings associated with anxiety, such as nervousness or restlessness, compared with the 2017-18 National Health Survey.

With coronavirus restrictions limiting movements, half reported seeing friends and family outside the home.

Two-thirds were increasingly keeping in touch in other ways, most commonly phone calls, text and instant messaging, and video calls.

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With AAP

Originally published as How household finances are holding up during coronavirus