Nurses and midwives will slash spending if freeze proceeds: survey
The impact of the pay freeze will ripple out to industries such as hospitality, entertainment and travel as well as having consequences for superannuation, according to a YouGov survey.
The survey of nurses and midwives found that a staggering 83 per cent of respondents were stressed by existing day-to-day expenses and more than three quarters (77 per cent) felt underpaid.
If hit with a wage freeze, results show nurses and midwives would curb monthly expenses by an average of $350, which would have economic consequences for NSW communities. Meanwhile, 82 per cent of respondents indicated spending would drop significantly on eating out, gym membership and shopping.
More than half (56 per cent) of respondents indicated their household had already suffered employment impacts due to the COVID-19 pandemic.
Domestic and international holidays was one area that respondents said they would cut back, with travel spending estimated to fall by $2624.
“This is likely to have a devastating impact on the travel industry, which is already struggling,” commented YouGov.
Of the 28 per cent of members who make voluntary contributions to super, 48 per cent would cut back on their contributions. 93 per cent worry about having enough to be able to afford a comfortable retirement.
The vast majority of members (92 per cent) admitted to worrying about the potential for contracting COVID-19 at work and potentially passing it on to their friends and family.