Money Bite-Size Read:
- We believe in having choices so that you can make the right decision for you.
- The coronavirus (COVID) vaccine has become more available for young people.
- Here’s why getting vaccinated was a good financial decision for me and what helped me to make that choice.
The Money Bites Take:
In an opinion piece from our founder, here’s why getting a COVID vaccine can be a good financial decision.
COVID has changed the way we live today.
Who would have imagined when making our goals for 2020 how the year would turn out? While COVID may still be a virus of unknown origin, its impact still continues in 2021. COVID has had a financial impact and has changed the way we live, including the share price of Zoom.
The COVID vaccine has recently become more readily available.
More young people can access the vaccine in Australia, and we’re now seeing a surge in vaccine take-up. This presents a choice for many of us of whether to get the COVID vaccine. In our social media age, we’re seeing that choice played out in selfies of people getting the jab or disputing the need for vaccines, but many people are also staying quiet about their choice.
Instead of posting a vaccine selfie, I wanted to detail why I got vaccinated. Given I’m a financial educator, I approached this as an individual financial decision. If you’re not sure what to do, hopefully this breakdown helps you make a choice that works for you.
Here’s why getting vaccinated was a good financial decision for me:
1. I want to be able to see my family again
As someone whose immediate family lives across different states within the same country, I haven’t seen my family in many months. When I think about why I got vaccinated, this was primarily to be able to travel between state borders. This should also save money in not needing to rebook flights with the end of state-based lockdowns, with more people being vaccinated.
2. I want to travel overseas
Like many Australians, much of my extended family lives overseas so travel has been a way of life. That ease of travel simply isn’t possible during COVID unless you’re a UK celebrity going on holiday for ‘work’ or a Hollywood celebrity filming a movie in Australia. I want to reduce my travel restrictions by getting vaccinated against COVID now, particularly if vaccine passports are needed.
3. It’s important to me that we have local businesses
It has been incredibly important to me to continue to buy from local businesses during COVID lockdowns. Part of why I got vaccinated is to help end the lockdown restrictions that put extra pressure on businesses. Having seen several businesses close in 2020, I’d like to see more favourite cafes survive the 2021 COVID lockdowns. More businesses growing in our community also means employing more young people impacted by COVID, so it’s a win-win!
4. I don’t want COVID to impact my health budget
When it comes to healthcare, I have dedicated health spending money in my budget. Research suggests that getting fully vaccinated will reduce my risk of getting the virus and developing long COVID. The brain fog of long COVID is a nightmare for earning money, so I’d prefer to avoid this.
5. I want to be able to work in any industry
Some industries across Australia will require their workforce to be vaccinated against COVID. That makes sense for industries like healthcare, where you are exposed to COVID and can pass it on. Some private companies are signalling that they will introduce mandatory vaccines, so I’m getting vaccinated just in case. If I want to work for one of these companies in the future, my vaccination status won’t be an issue.
6. I looked at the government’s health assessment
When in doubt, I looked at peer-reviewed research and the government’s health assessment on the current vaccines. These assessments gave me more information on each vaccine and the side effects I could expect. I weighed up the choice and decided that the temporary side effects would be less costly than getting COVID. This and the thought of passing this on to a loved one helped me choose to get the vaccine.
I chose to get vaccinated because the costs of not getting the COVID vaccine far outweighed any short-term sniffles.
In sharing why I got vaccinated, I wanted to put a financial lens on what is a health decision. I’m a financial educator, so I viewed it as a financial decision. Whether you’re a nurse wanting fewer people coming into ICU with COVID, a tradie wanting to get back to work or a student wanting to get back to the classroom, try adopting a different lens to make the right decision for you.