More than half of Australian workers have reduced their spending since the COVID-19 crisis began in a telling display of low confidence.
The LinkedIn Workforce Confidence Index has revealed that confidence is low amongst Australian professionals, propelled by anxiety around finances, job prospects and job security.
Despite this, confidence is still polling at a +8 on the LinkedIn scale provided that runs all the way from -100 to +100, showing positive sentiment is just outweighing the negatives.
With 36 per cent of Australians polled by the career platform revealing a drop in income and wages, it’s unsurprising that 52 per cent of Australians revealed they have reduced their personal spending during the crisis.
This figure jumps higher among self-employed individuals, where 63 per cent indicated they had tightened their purse strings since COVID-19 effects began.
The survey results show similar caution around job and career prospects, with 65 per cent of respondents stating they expect the number of available roles to decrease over the next two weeks alone, while 55 per cent think recruiter responses will be few and far between in that same period.
This outlook lead nearly one-third (27 per cent) of respondents Australia-wide to indicate they will be increasing their time spent looking for work over the next two weeks.