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ANZ Roy Morgan Financial Wellbeing Indicator - Quarterly Update March 2020

The Indicator is based on the Kemspon et al. conceptual model of financial wellbeing that was tested by ANZ in its 2017 financial wellbeing survey. The Kempson model acknowledges five drivers that have a proportionate impact on personal financial wellbeing. The indicator is derived from data gathered through the weekly Roy Morgan Single Source interview and survey, which canvasses approximately 50,000 Australians annually.


ANZ-Roy Morgan Financial Wellbeing Indicator - Quarterly Update March 2020


  • The ANZ Roy Morgan Financial Wellbeing Indicator shows the financial wellbeing of Australians improved by 1% year on year, from 59.6 (as a score out of 100) in December 2018 to 60.2 in December 2019 (Table 1).

  • Financial wellbeing improved in the 12 months to December 2019 across most states and territories. However, financial wellbeing declined slightly in Queensland and the NT, and remained constant in NSW (Figure 5). The lack of growth in overall financial wellbeing in NSW can be attributed to a 3.1% fall in ‘resilience for the future’ during 2019.

Meeting everyday commitments

  • The improvement in national financial wellbeing was despite no change in financial wellbeing in the December 2019 quarter, and was due primarily to an improvement in ‘meeting everyday commitments’, which increased by 3.2% during 2019.

Feeling comfortable

  • The level of ‘feeling comfortable’ about one’s current and future financial situation also improved nationally from 55.3 in December 2018 to 55.9 in December 2019 (Table 1).

Resilience for the future

  • ‘Resilience for the future’ – the ability to cope with financial setbacks – is strongly influenced by active saving habits. After steady growth in recent years, resilience declined nationally by 1.9%, from 53.7 in December 2018 to 52.7 in December 2019 (Table 1). This was due primarily to a decline in the number of month’s income in savings that Australians have on hand, weakened by slower deposit growth and subdued improvements in household incomes over the period.

  • The decline in resilience also affected the population distribution across financial wellbeing segments, with the percentage of people ‘Struggling’ increasing by 1.5% during 2019 (Figure 3).

ANZ-Roy Morgan Financial Wellbeing Indicator - Quarterly Update March 2020

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