Yahoo Lifestyle Young Aussies break taboo to reveal savings account balances: 'I know I am lucky'
One woman admitted she had “no savings”, while another man said he had “six figures” stashed away.
Sharing how much money you have has long been considered a taboo topic. But the tide seems to be slowly turning, with more Aussies willing to openly share what they have in the bank and the goals they are saving for.
After being stopped in the street, a number of Aussies have revealed their age and savings balances to property platform Coposit. The answers varied significantly, with one woman admitting she had “no savings” and another man saying he had “six figures” stashed away.
Here’s what five Aussies candidly revealed.
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26-year-old with $30,000
“I’m lucky in that and I know I am lucky,” one Sydney woman shared.
She said getting a property would be a dream, but it wasn’t something that was achievable for her and many others at the moment.
“I rent at the moment and the rental market is disgusting … Mostly with my savings I’m waiting so I can go on holidays and go do the things I love.
“Back in the olden days, you had a family, you had your house - the Australian dream. You don’t have that anymore so just live a little.”
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37-year-old with no savings
Another Aussie said it was “embarrassing” to say she had “no savings”. While she would love to own a home, she said the goal seemed “very far away”.
“I make a decent income. I just had a baby and spent a long time getting my education and have a huge HECS loan,” she said.
“I haven’t had any help from my family. I’ve been completely financially independent since I was 19.
“The friends that do own property have definitely had a helping hand. At least being able to live at home for a lot longer … if not getting a nice big lump of money ... or inheriting.”
25-year-old with $4,000
Another Aussie shared he was currently living in a van and planned to continue “living in the now”.
“I know other people that are also living in vans but people who have bought houses now,” he said.
He said he had taken a few years off work after leaving university, but some of his other friends had “started working hard straight away" and had been able to buy their first homes.
28-year-old with six figures
One Sydney man shared he had “six figures” saved but declined to share the exact amount.
He shared that he wanted to keep growing his savings to “seven figures” and had already had a couple of properties in the past, which he sold during the pandemic.
“This year I’m looking to get back into the market. Probably two this year in some of the quieter areas around Perth or Brisbane," he said.
He said he wanted to give to charity and help more people with his savings.
22-year-old with $24,000
One French accountant living in Australia shared she had $4,000 in her Australian bank account and $20,000 in her French account.
She said she saved up working before she came to Australia.
She admitted she didn’t talk about money with her friends and said she was currently saving for travel and for the future.
How much does the average Aussie have in savings?
The average Aussie has a healthy $36,095 in savings, according to Finder. However, this figure was propped up by Aussies who have more in the bank.
According to the group’s research, a staggering 45 per cent of people have less than $1,000 in savings. On average, this group had just $210 saved up.
For those with more than $1,000 in the bank, the average amount saved is $65,078. That’s about two-thirds of the average full-time salary of $98,217.
What are Aussies saving for?
Saving for a home is the “ultimate” financial goal for the majority of Aussies, new research by Compare the Market found.
The Great Australian Dream was the most searched money-saving topic across the past year, it found, followed by saving for a car and saving for a wedding.
“The ultimate goal to own a home is overwhelmingly present in Australia – which accounted for nearly 90 per cent of money-saving searches compared to saving for a car or a wedding,” general manager of money Stephen Zeller said.
“However, amid cost-of-living pressures, saving takes time and likely cost-cutting elsewhere, including on energy bills, fuel and groceries.”
Zeller recommended Aussies take a closer look at their everyday expenses, as well as essentials like insurance, to see if there are opportunities to save.
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