Savings statistics in Australia at a glance
- Australians have an average savings balance of $46,825
- Boomers have the highest average savings at $61,232
- Men have the highest average savings at $53,944, while women average $39,458
- A high-interest savings account is the most popular place for Australians to keep their savings (50.3%)
- Experts say most Australians should be aiming to save 20% of their income
- Households have a total of $1.511 trillion in cash savings on deposit in Australian banks
How much does the average Australian have in savings?
The average Australian has $46,825 in savings, according to a survey commissioned by Money.com.au*.
Average savings by age
Baby Boomers (58+ years) have the highest average savings at $61,232, while Gen Z (18 - 25 years) has the lowest at $40,185. This difference is expected, as Boomers have been in the workforce longer and have had more time to accumulate savings.
Millennials (26 - 41 years) are the only generation to buck the pattern of age translating to higher savings, with higher savings balances than their Gen X (42 - 57 years) counterparts.
Average savings by gender
Our survey found that, on average, men have over $14,000 more in savings than women, which is roughly 27% higher.
Male
$53,944.40
Female
$39,458.50
Average savings by state
The Northern Territory has the highest average savings at $68,147.70, followed by New South Wales at $58,982.60. In contrast, the lowest average savings are found in the ACT at $28,617.90 and South Australia at $30,199.70.
Average savings by household income
It’s generally the higher-income households with the greater average savings.
| Household income | Average savings |
|---|---|
$1 - $49,999 | $27,744.80 |
$50,000 - $99,999 | $36,328.00 |
$100,000 - $149,999 | $43,902.30 |
$150,000 - $199,999 | $51,617.60 |
$200,000 - $299,999 | $58,644.60 |
$300,000 - $399,999 | $107,020.20 |
$400,000 - $499,999 | $104,130.00 |
$500,000 or more | $147,935.30 |
Average savings by residential status
Unsurprisingly, homeowners without a mortgage have the highest average savings at $72,484.60. They are followed by homeowners with a mortgage at $48,216.80, those in other living situations at $38,154.90, and renters at $32,219.20.
How much of their income do Australians save?
A key indicator of how Australians are saving is the ABS’s household savings ratio. This percentage reflects how much disposable income — what's left after taxes and essential expenses — people are saving.
For example, in June 2024, the savings rate was just 0.6%, a stark contrast to 24.1% in June 2020, when savings surged during the pandemic. This means a household earning $12,000 a month in June 2024 would save only $72, compared to $2,892 in June 2020.
How much savings should you have?
Benjamin Brett, owner and financial planner at Bounce Financial, told Money.com.au that it’s often recommended to save 20% of your income for long-term goals. These goals can include paying off your home loan, preparing for early retirement, or building wealth.
“Like all things in finance, it depends on your personal circumstances. For lower income earners, 20% may be too much. On the flip side, for higher income earners, you may be able to save a lot more. If your goal in life is to retire at a reasonable time and not be stuck with a mortgage forever, 20% may be a good starting point.”
Mr Brett explained that with each paycheck, he allocates funds to three areas of his life: current expenses, medium-term goals, and future savings.
Benjamin Brett, Owner and Financial Planner at Bounce Financial
“Current is my day-to-day living costs. This is groceries, eating out, holidays, petrol. Basically the costs of running my life. Over the next 5-10 years (the medium term), I might have specific goals. This might be paying down the house early, saving for private high school or preparing to get a new car. By assigning a specific amount each fortnight, I can be certain I’m on track to achieve my goals. Finally, I assign money for my future (retirement and beyond). Largely this consists of additional contributions to superannuation to reduce my tax and prepare for retirement.”
Benjamin Brett, Owner and Financial Planner at Bounce Financial
Where do Australians put their savings?
High-interest savings account
50.3%
Standard transaction or everyday account
25.9%
Home loan offset account
24.9%
Term deposit
16.3%
Put into super fund
8.8%
In physical cash
7.9%
According to the latest report from the Australian Competition and Consumer Commission (ACCC), 34% of savings account holders kept their money for three to 10 years, while 28% held their funds for less than 3 years. For term deposits, the most popular lengths were 12-24 months, chosen by 30% of account holders. This was followed by 6-12 months at 26% and 3-6 months at 13%.
Banks where Australians keep their savings
These are the top 10 banks where Australians keep their savings based on the highest household deposits, according to APRA.
- Commonwealth Bank: $400+ billion
- NAB: $208+ billion
- Macquarie Bank: $65.8+ billion
- Bendigo and Adelaide Bank: $45.9+ billion
- Bank of Queensland: $34.5+ billion
- Westpac: $312+ billion
- ANZ: $177+ billion
- ING: $50.6+ billion
- Norfina Limited (Suncorp Bank): $35.7+ billion
- HSBC: $17.7+ billion
Do Australians have a savings plan?
Our survey highlighted the mindset Australians have when it comes to their saving plans. Here are the top responses:
40.8%
Save every month for future goals (such as investing, buying property, or travelling)
36.2%
Find it difficult to save after paying all their bills each month
15.6%
Contribute to an emergency fund each month
12.7%
Prefer to focus on enjoying their income now rather than saving
About seven in ten Australians (70.8%) reported having money left over after payday, according to our recent survey. Alarmingly, more than a quarter (26.5%) indicated they have no cash remaining. This disparity highlights the financial stress many are facing, driven by inflation and the increasing cost of living, which make it harder for households to save.
Why do Australians save?
Survey respondents were asked to choose their top two savings goals, and here’s what we found:
- 49.2% save for travel and holidays
- 44.2% save to have a safety net for emergencies (e.g. medical bills, unexpected expenses)
- 31.9% are saving for retirement
- 24.7% are saving to buy a house
- 18.8% save to invest their money (e.g. shares, ETFs, cryptocurrency, property)
- 15.9% save to pay off their mortgage sooner
- 9.0% save for home renovations
- 6.3% save for the cost of having kids
These results show that many people are saving for a rainy day, something finance experts suggest is a good habit to develop.
Benjamin Brett, Owner and Financial Planner at Bounce Financial
“We encourage our clients to have an emergency fund of 3-6 months saved and available at all times. This ensures they can handle emergencies without borrowing from family or friends.”
Benjamin Brett, Owner and Financial Planner at Bounce Financial
What about retirement savings – how much do Australians have in super?
Here are the average super balances for each age group and gender, according to AustralianSuper.
| Age | Male | Female |
|---|---|---|
<20 | $4,800 | $5,000 |
20-24 | $16,400 | $16,200 |
25-29 | $43,500 | $36,600 |
30-34 | $82,900 | $60,200 |
35-39 | $131,900 | $91,100 |
40-44 | $181,300 | $124,600 |
45-49 | $237,200 | $158,100 |
50-54 | $289,900 | $191,400 |
55-59 | $359,100 | $233,200 |
60-64 | $338,700 | $261,000 |
Based on findings from AustralianSuper’s latest survey, only 32% of Australians believe they could save for retirement without compulsory superannuation. Alarmingly, the breakdown of each generation expecting to have between $0 and $10,000 saved for retirement is as follows:
- 33% of Millennials
- 32% of Gen X’ers
- 19% of Boomers
How do your savings compare to the average Aussie? 6 easy tips
Here are six ways you can easily save money:
1
Set a budget and stick to it
Use a budget planner to track your income and expenses, helping you see where your money goes. This can highlight areas where you can cut back. For example, if you find that you spend $150 a month on takeout meals, you might choose to cut back to once a week. This simple change could save you around $100 each month or $1,200 annually.
2
Automate your savings
Set up automatic transfers to a savings or offset account each time you receive your salary. This creates a regular saving habit and minimises the temptation to spend. With online banking, it's easy to manage multiple accounts and set direct debits after each payday. By automatically allocating funds to categories like bills, holidays, personal spending, and long-term savings, you can simplify the saving process.
3
Cut unnecessary expenses
Review your subscriptions and memberships regularly. Cancel anything you don’t use often, and look for cheaper alternatives for essential services like utilities. For example, if you rarely watch a streaming service, consider cancelling it and possibly sharing a subscription with a family member. This simple step can lead to significant savings, allowing you to reallocate those funds toward more important financial goals.
4
Shop smart
Take advantage of sales, use coupons, and compare prices before making purchases. For example, if you often buy laundry detergent, check for discounts or coupons at different stores online. You might find a bulk deal that saves you money while reducing the frequency of purchases. This approach not only helps stretch your budget but also ensures you have essentials on hand without the temptation of impulse buys.
5
Cook at home
Cooking at home is typically more cost-effective than dining out. By planning your meals for the week and creating a shopping list, you can avoid impulse purchases. For example, if you decide to make a hearty vegetable stir-fry, list all the ingredients you'll need. This way, you not only save money but also reduce food waste and ensure you have healthy options readily available throughout the week.
6
Set savings goals
Define specific savings goals, such as for a holiday, an emergency fund, or a house deposit. Clear objectives can keep you motivated to stick to your savings plan. For example, if you aim to save for a vacation, calculate how much you need and set aside a fixed amount each month. This structured approach not only makes your goal achievable but also helps you track your progress along the way.
For longer-term savings, it's also important to consider whether you can earn money on your savings. This might be as simple as putting your savings in your offset account (to reduce your home loan interest) or in a high-interest savings account with your bank. Alternatively, for longer-term savings you may wish to consider investing or contributing your savings to your superannuation fund (if you’re saving for retirement).
*The survey conducted by Pureprofile in October 2024 included a sample of 1,000 Australians and is nationally representative by gender, age, and location.
