Vines i think about a lot

Well, today marks two years since the first confirmed COVID case in Australia. And while there are promising signs that we've passed the Omicron peak in New South Wales and Victoria, the pandemic has taken a toll on many people's mental health. Another surge is expected as schools go back, and that's left some parents anxious about their children's well-being and a return to online learning.

The Deputy Chief Medical Officer for Mental Health, Dr Ruth Vine, joins me now. Morning to you. So two years on from Australia's first case - a significant milestone. How are people doing?

RUTH VINE:                         

Look, in many ways I would say people are doing as well as they can and I applaud their resilience and their persistence. But it has to be said that for many, many people, the last two years have been very difficult. We've seen elevated levels of psychological distress, elevated levels of demand on mental health services. Of course, those with significant mental illness were- had also been more adversely affected and often couldn't get the services in the community that they needed. So we've seen a whole range of measures, I think, of people struggling with their mental health and reaching out for that.

And I think, as you just highlighted, we're now at the- nearly at the beginning of the school year and people are hoping, and indeed expecting, that our young people will be able to get back into the classroom with all of the benefits that flow from that, in terms of socialisation and engagement and learning with others. So, there is a lot going on. But I- Look, I think you mentioned that people are pretty wary of this, and people have coined the term: pandemic fatigue. Often with increased levels of irritability and, you know, impatience, and I think those basic things of trying to be kind to yourself, kind to others, trying to keep your sleep and exercise and diet and routine remain very critical.

NATALIE BARR:                    

Yeah, so let's talk through your tips for pandemic fatigue. Because we're at the stage where, for the most part, this is a very minor ailment if you get COVID nowadays. But we have people who are too scared to go back into the office, some who won't even go out.

RUTH VINE:                         

That's true. I mean, people react in very different ways. One of the most critical things remains getting good information from reliable sources, and not, you know, looking everywhere for all the different sorts of information that are out there. So- and I think also, you know, look at the evidence that we have, and the evidence that we have, as you've just highlighted, that for most people, if they do get COVID now, it's mild. But for those who are unvaccinated or those who are- have other illnesses, it can be a much more significant - and indeed, even fatal - illness. So I- you know, I think some of those tips are about getting vaccinated, wearing a mask, doing the usual things, but also recognising just how important it is to stay engaged with your life. And when you are feeling trapped and stuck and you can't get there, to reach out for help, and there are lots of avenues for help now. The helplines have got increased capacity; the services there- new services- or not new now, but extra services in Sydney and Victoria that are being very well used.

NATALIE BARR:                    

Yes, there is help if you ask for it and look for it. Dr Ruth Vine, we thank you for your time today.

The number of American households that were unbanked last year dropped to its lowest level since 2009, a dip due in part to people opening accounts to receive financial assistance during the pandemic, a new report says.  

Roughly 4.5% of U.S. households – or 5.9 million – didn't have a checking or savings account with a bank or credit union in 2021, a record low, according to the Federal Deposit Insurance Corporation's most recent survey of unbanked and underbanked households. 

Roughly 45% of households that received a stimulus payment, jobless benefits or other government assistance after the start of the pandemic in March, 2020 said those funds helped compel them to open an account, according to the biennial report which has been conducted since 2009.

"Safe and affordable bank accounts provide a way to bring more Americans into the banking system and will continue to play an important role in advancing economic inclusion for all Americans,'' FDIC acting chairman Martin J. Gruenberg said in a statement.  

A lack of banking options delayed some households from getting federal payments aimed at helping the country weather the economic fallout from the COVID-19 health crisis.

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The FDIC initiated an educational campaign to get more Americans to open an account to enable the direct deposit of those funds. And banks such as Capital One and Ally Financial ended  overdraft and other fees that have been a key barrier to some Americans accessing the banking system. 

What does it mean to be unbanked?

A household is deemed unbanked when no one in the home has an account with a bank or credit union. That share of households has dropped by nearly half since 2009. And since 2011, when 8% of U.S. households were unbanked, the highest since the start of the survey, and the record low reached in 2021, roughly half of the drop was due to a shift in the financial circumstances of American households the FDIC says.

Who are the underbanked?

Those who have a checking or savings account, but also use financial alternatives like check cashing services are considered underbanked. The underbanked represented 14% of U.S. households, or 18.7 million, last year.   

Why are people unbanked or underbanked?

Many of those who are unbanked say they can't afford to have an account because of the fees for insufficient funds and overdrafts that are tacked on when account balances fall short. Roughly 29% said fees or not having the required minimum balance were the primary reasons they didn't have a checking or savings account, as compared to 38% who cited those obstacles in 2019.

Are some groups more likely to be unbanked? 

The numbers of the unbanked were greater among households that included those who were working age and disabled, lower income, included a single mother, or were Black or Hispanic. Among white households for instance, 2% didn't have a bank account last year as compared to 11% and 9% of their Black and Hispanic counterparts.

Meanwhile, nearly 15% of households with a working age member who had a disability were unbanked compared to almost 4% of other households. And  nearly 16% of households with a single mother were unbanked as compared to about 2% of married couples who lacked an account. 

 "These gaps attest there's still a lot of opportunity to expand participation across the population in the banking system,'' Keith Ernst, Associate Director of Consumer Research and Examination Analytics at the FDIC, said during a media call about the report.            

Will the number of unbanked rise if the U.S. has a recession? 

Perhaps.

"During the last recession unbanked rates did indeed go up,'' Karyen Chu, chief of the Banking Research Section at the Center for Financial Research, said during the call. 

Additionally, last year, homes where the head of household was out of work were nearly five times more likely to not have a bank account as compared to those where the household head was employed.

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"To the extent that income goes down ... that has generally been associated with increases in unbanked rates,’’ Chu said.