The amount Aussies have saved has hit a record high, despite pressures from the rising cost of living and interest rate hikes.
Ever wondered how much your mate has in their savings account? Well, new data is shedding light on just that.
The average Aussie has $40,617 in their savings account, according to new data from Finder. That’s up from $29,856 in March this year and a record high since the comparison site began tracking the data in 2019.
The average amount varies significantly depending on age and gender. Men have significantly more cash stashed away at $56,271, compared to just $24,826 for women.
Older Aussies unsurprisingly hold more in savings, with Baby Boomers having $68,185 and Gen X having $40,266, on average.
Young Aussies had less than the overall average, with Gen Y saying they had $37,085 in savings and Gen Z having $16,320, on average.
Finder money expert Rebecca Pike said some Aussies were boosting their savings now to give themselves a buffer against rising costs.
“Many are worried about inflation and rising interest rates and are doing what they can to insulate themselves from financial hardship,” Pike said.
“Whilst the average is at an all-time high, there are still a huge percentage of Aussies doing it tough.”
Pike said there was a widening gap between “the haves” and “the have-nots”, with data finding 46 per cent of Aussies could only survive on their savings for one month or less.
Household deposits hit record high
Household deposits hit a new record high of almost $1.42 trillion in September, according to the latest data from the Australian Prudential Regulation Authority.
Money in the bank has risen by $11 billion compared to the previous month and more than $99 billion compared to the same time last year.
Deposits from households include money in savings accounts, term deposits, transaction accounts and mortgage offset accounts.
Like Pike, RateCity research director Sally Tindall noted these savings buffers were not evenly spread across households.
“Households are feeling the heat from the Reserve Bank’s rate rises very differently across the country, with some families filing for hardship, while others are still filling up their savings accounts,” Tindall said.
“This record-high buffer comes at a time when calls to the National Debt Helpline are at elevated levels. This articulates just how blunt the Reserve Bank’s cash rate lever actually is.”