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Financial wellbeing hits record high despite pandemic
Despite a once-in-a-lifetime health pandemic and against all expectations, the financial wellbeing of Australians has hit an all-time high.
According to Commonwealth Bank’s latest Australian Consumer Financial Wellbeing report – which harnesses the data of over 5 million customers – over the 12 months to March 2021, Australians’ financial wellbeing soared 7.8 per cent to a new record score of 51.1 (on a scale of 0 to 100).
This marks the highest level and largest year-on-year increase ever recorded since the Financial Wellbeing score was first calculated in 2017.
CBA’s Australian Consumer Financial Wellbeing report is based on the Melbourne Institute’s Observed Financial Wellbeing Scale, and comprises five major components that measure financial wellbeing, capturing the extent to which Australians have financial freedom, control, and security, and can meet their ongoing obligations – now and into the f