Let's check out how much the ordinary Aussie savings is, where it's stashed and what it's for.
While some of us were hoarding toilet paper and stashing cash like squirrels during lockdown, others were treating their front doors like fashion runways - thanks to online shopping and daily deliveries (we listen, we don’t judge).
Over the past five years, Australia has experienced massive ups and downs in the economy and rising cost of living has been a headline concern for the government. So if your wallet’s been feeling a little lighter lately, you’re definitely not alone.
Wondering how your savings stash compares to others your age? Here’s a cheeky comparison of the average Aussie savings balance - but keep in mind, savings are just a small slice of the wealth pie.
The numbers may not be what you expect. Generally speaking, the median is usually a better snapshot of what’s “typical” (because average numbers can be skewed by cashed-up outliers).
But also, see that dip in median balances for the 30-44 crowd? Although you might think they should have more savings than 18-29 year olds, that’s prime adulting territory - mortgages, kids, investments…aka this money could be going to big goals instead of chillin' in a savings account.
Turns out, where you park your money matters - big time. A recent Money survey of 1,000 Aussies revealed our favourite financial hiding spots:
High-interest savings accounts (aka HISAs) give you free money in the form of bonus interest, while offset accounts help you pay less interest on your mortgage. Standard accounts are like that one houseplant you forget to water - existing but slowly withering away with inflation.
Moral of the money story: Give your dollars a job. They should be earning interest or saving you some!
Spoiler: it’s not just avo toast and concert tickets. According to the same survey, Aussies are putting their money towards some pretty solid goals:
✈️ 49.2% — Travel and holidays (catch flights not feelings)
🛟 44.2% — Emergency fund (adulting 101)
👵 31.9% — Retirement (future you will be grateful)
🏡 24.7% — Buying a house (hellooo property ladder)
📈 18.8% — Investing (shares, ETFs, crypto?)
🏦 15.9% — Paying off the mortgage faster (living that debt-free dream)
If your savings could use a glow-up, here are a few tried-and-true ways to level up:
No, we’re not coming for your $5 coffee habit. Think big ticket items like rent, insurance, phone/internet plans. These are the real budget busters. Shop around, negotiate, and if you're feeling spicy, threaten to switch providers. Works like a charm.
Whether it’s chasing that well-deserved pay rise, exploring better-paying roles, or side-hustling your hidden talents (hello Etsy store or dog-walking empire), more income = more savings potential. Just watch out for lifestyle creep, that sneaky tendency to spend more when you earn more.
If your cash is chilling in a standard transaction account, it's basically on vacation. Move it to a HISA or offset account and put it to work while you’re sleeping! Every bit of interest helps get you closer to your financial goals.
You don’t need to overhaul your entire life to make a difference with your savings. Small, smart changes working towards a savings goal that actually excites you can snowball into serious progress.
Disclaimer: Flux Technologies Pty Ltd (ABN 86 634 507 172) is an authorised representative (Representative No. 525288) of Mozo Pty Ltd who is the holder of AFSL No. 328141. We also provide general advice on credit products under our own Australian Credit Licence No. 530103. The product information presented does not constitute an offer and we are not recommending or suggesting any particular product. Any product advice presented is of a general nature only, and is not to be taken as any sort of advice as it has not taken into account your personal circumstances, objectives, financial situation or needs. Flux may not cover all products available to you. Check out our Credit Guide and Financial Services Guide for more information.
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