How much money should I have in savings?
Here's the average savings balance for each age group, and tips on how to boost your balance.
Key takeaways
- According to Finder data the average Aussie has $43,462 in cash savings.
- Baby boomers have the most amount of cash saved up, while gen Z have the least.
- To boost your balance, switch to a high interest savings account and make sure you can meet the conditions for bonus interest.
How much money do Australians have in their savings?
Comparing how much you have in savings against the average figure can be a useful way to see whether your savings are on track or not.
Finder's Consumer Sentiment Tracker data shows that as of July 2026, Australians have on average $43,462 in cash savings.
Here's how much money people in the following age groups have in savings on average:
- Gen Z (aged 13-28): $21,581
- Gen Y (aged 29-44): $45,732
- Gen X (aged 45-59) $53,130
- Baby boomers (aged 60-79): $54,390
2:08
Did you know?
Women are more likely to reach retirement with little to no savings. Finder research shows that 35% of women aged 65+ have less than $1,000 set aside, compared to just 22% of men. This gap leaves many women financially vulnerable, with 1 in 3 single women over 60 living in income poverty.
Finder survey: Do Australians automate their savings?
| Response | |
|---|---|
| No | 68.82% |
| Yes | 31.18% |
Source: Finder survey by Pure Profile of 1004 Australians, December 2023
How much should I have in my savings?
You should aim to have at least three months worth of living expenses in your savings. This is to ensure you can get by if you were to suddenly lose your job or be out of work for another reason, such as health problems or a change in your personal circumstances. If you were to find yourself out of work, your standard living expenses like rent, mortgage payments, energy bills and grocery bills don't stop.
If your monthly living expenses are $2,000, you should aim to have $6,000 in your savings account at the very least. If your living expenses are higher at, say, $4,000 a month, you should aim to have closer to $12,000 in your savings at any given time.
To work out your current living expenses you need to look at your bank statements and calculate how much is coming in and how much is going out each month. The amount that's left over (if there is any) is your monthly savings. The amount that's going out is how much you spend to live.
How much should I save each month?
According to Finder's data, Aussies are saving $892 per month on average. Somewhat surprisingly, this time it's actually the younger generation who are saving more each month compared to the older generation.
To figure out what you should be saving you can use the 50/30/20 rule. This method suggests that 50% of your monthly income should go towards essential living expenses, 30% goes towards other non-essential spending and 20% should go towards your savings.
Of course, this method isn't set in stone so you're encouraged to tweak it until it works for you. You might even find that you can save a lot more than 20% of your monthly income. However, 20% is a good starting point to aim for.
How to boost your savings
If your savings aren't as high as they could be, don't worry, there are lots of ways to boost your savings. Here are a few to get you started:
- Open a dedicated savings account with a competitive interest rate. The higher the interest rate on your savings account, the faster your savings can grow.
- Look for ways to reduce your spending. Take a look at your recent transactions for things you can easily cut out or cut back on. If you need some inspiration, here are 50 ways to save more money.
- Look for ways to increase your income. There are many ways to earn money from a side hustle. Consider selling unwanted items online, renting out a spare room or car space, driving for a ride-sharing company, doing freelance work in your industry or putting your home up for rent on Airbnb when you're not there.
- Have a budget. Budgets can help you control expenses and reduce any emotional buyers. Additionally budgets will clearly show you how much you can save and where you can cut spending.
- Compare and switch your services. From your health insurance to your energy plan, there are plenty of savings to be made by switching.
Sources
More resources on Finder
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Why does it say baby boomers have the most saved up when they have the lowest average savings— do you mean half are rich as hell and half are in poverty and that’s why they have the lowest average? An explanation is needed there or it is contradictory and misleading. Also, why is the average Australian said to have $43,000 when the average of the numbers you have given is $36,000? Are there some 80+ year olds with so much money it brings the national average up by 10k?
Hi Ki,
Our data says baby boomers have the highest savings at $56,134. In terms of the averages, there’s an overall average of $39,334. But we’ve broken down the data into averages by age, so these figures are different.
I hope this helps.