Rise in Home Safes during COVID-19
Channel Nine News 6pm 9th May 2020 View Nine News Report
Home safe sales increase as worried Australians hoard cash at home during the COVID-19 pandemic rerports Chris Kohler from Nine News.
Jason Catlow, Director at Aus Lock & Safe Company states that “Home safe sales have increased 20%” as a result from the COVID-19 pandemic. Jason says that the only time he has been busier was during the GFC.
The reserve bank has seen a spike in cash withdrawals since late March 2020 as anxious Australia’s extract funds from their accounts.
Professor Steve Worthington from Swinburne University suggests that the reason people may be taking money out of the bank is to apply for welfare benefits. To do this you must pass an assets test, therefore taking money out of the bank can reduce ones perceived value.
Over 112,000 credit card accounts were closed in March 2020. Worthington states that this may be due to high credit card interest rates. There has also been an influx in young Australians turning to buy now, pay later such as Afterpay.
Cash will remain as a leading means of currency. Don't stash your cash under the mattress, protect your cash and valuables in a quality cash rated safe.
Aus Lock & Safe is a leading safe supplier and accredited distributor of all major safe brands. They deliver and professionally install Australia wide. View their extensive range of Home Safes at www.aussafes.com.au or call 1800 15 16 15.