Six out of 10 Australians believe the COVID-19 pandemic is as under control as it can be, yet nearly half believe things will be forever changed, according to research  undertaken by financial planning firm, Montara Wealth. 

The research reveals that while people are mostly optimistic about Australia’s control of the pandemic, only 14 per cent believe life will return to normal. 

Men are overall more confident about the conditions than women, with 64 percent of men believing the pandemic is as under control as it can be, compared to 58 percent of women. 20 percent of men believe life will return to normal, while only 11 percent of women agree. 52 percent of women believe things will be forever changed compared with 39 percent of men. 

Age also has a major influence on confidence, with 74 percent of young people under 35 believing the pandemic is as under control as it can be, compared with 53 percent of over 55 year olds. Those over 55 are also more likely to expect cases and restrictions to continue for some time (37 percent) compared to those under 35 (23 percent) and are more than twice as likely to believe the pandemic won’t be under control for some time (10 percent) compared to those under 35 (4 percent).

Unexpectedly, young people largely agree with older Australians that life is unlikely to return to normal but are slightly more confident. 43 percent of young people under 35 believe things will be forever changed, compared with 54 percent of over 55 year olds. 35-54 year olds have higher hopes for a vaccine, with 47 percent believing that things will possibly return to normal if we get an effective vaccine compared to 38 percent of under 35 year olds and 31 percent of over 55 year olds. 

When it comes to the states, unsurprisingly South Australia is the least confident. Only 29 percent of residents believe the pandemic is as under control as it can be, having undergone a lockdown throughout the duration of the survey. 65 percent believe things will be forever changed.

NSW residents are mostly confident, with 60 percent reporting they believe the pandemic is as under control as it can be, even before today’s easing of restrictions was announced. 

Despite Victoria having only recently come out of lockdown at the time of the survey, surprisingly Victorians are just as confident as residents in NSW with 60 per cent also believing the pandemic is as under control as it can be. However, Victorians are pinning their hopes on a vaccine more than any other state with 47 percent believing things will possibly return to normal if we get an effective vaccine compared to 35 percent in NSW. 

Queenslanders are the most confident out of all the states, with 72 percent believing that the pandemic is as under control as it can be and 21 percent believing life will return to normal. 

Commenting on the results, David Hancock, Director at Montara Wealth, said, “With each state facing a unique experience when it comes to outbreaks, lockdowns and border closures, it’s little wonder that where people live plays a major role in their confidence about Australia’s containment of the pandemic.”

“What’s really interesting, however, is that two people living in the same state, experiencing the same conditions, can perceive those conditions so differently depending on their age or gender. While it makes sense that people over 55 are more worried about the pandemic due to the greater health risk while young people are more optimistic, what’s interesting is that with each extra decade in age, confidence steadily decreases.”

“The gender split is also interesting. Many people assume that men are more comfortable with risk, while women are more cautious. While anecdotally we do see this at times, and it plays out in the research results with women revealed to be more concerned about the pandemic, it's by no means a hard and fast rule.”

With various states easing COVID-19 restrictions of late, including NSW and Victoria which have lifted several restrictions, many Australians are looking forward to doing things that have previously not been permitted. 

When it comes to what Australians have missed the most, 68 percent miss seeing family and friends. 60 percent miss going out to bars, restaurants or the cinema. 47 percent miss interstate travel and 46 percent miss overseas travel. 37 percent miss hosting a party or gathering at their home and 36 percent miss concerts and large events. Only seven percent miss working from the office, suggesting that working from home remains popular. 

According to Mr Hancock, while the research results reveal just how fickle confidence can be, eased restrictions are likely to have a positive impact on confidence. 

“Confidence is intangible, it can shift one day to the next based on someone’s mood. As restrictions are lifted and people are able to enjoy things they’ve missed out on previously, not only will this signal to people that the pandemic is well contained, it will also have a positive impact on people’s wellbeing and mental health. This will contribute to confidence.” 

“Confidence begets confidence, it’s like a snowball effect. Being exposed to others who are confident about the pandemic will make others feel more confident. The reverse is also true when people are worried or anxious.”

“The more confident Australians are about the pandemic, the more likely they are to plan for the future, invest or spend. The less confident Australians are, the more likely they are to postpone spending or investment decisions, and hold onto their money just in case.”

“Australians have saved $100 billion since the pandemic began. Now with increased confidence, we’re starting to see that money being injected back into the economy or deployed in the property and share markets as people look to generate a real return.”

“We’ve already seen unexpectedly good economic results in the September quarter, with a growth in GDP of 3.3 percent. In October, house prices across Australia rose overall for the first time since the start of the pandemic. Every capital city except Melbourne experienced growth. All signs are positive that the economy and property markets will continue to perform well in the December quarter and into 2021.”

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