How the pandemic will leave lasting impacts on how people spend their money

New bank data reveals businesses are “socking away” cash at unprecedented levels as they become cautious about ongoing lockdowns.

ANZ chief Shayne Elliott old Neil Mitchell the pandemic was the modern day Great Depression and the financial pain would be felt for decades.

“I don’t want to be Doomsdayer over it but I do think it will have an impact – it must do,” he said on 3AW.

The ANZ CEO said there was little doubt the past 18 months would leave a lasting impact on many people and how they spent their money.

“People’s lives are shaped by their experiences and this has been a long one, and a damaging one, for many people,” he said.

“I imagine young people will think about the world differently and I think business owners will always be a little bit more cautious than they might otherwise would have been.

“They will have learned something during this and I think those impacts will stay with people.”

Press PLAY below to hear what he means

Picture by Getty iStock.