$85 billion bleed: 54% of Aussies are draining their savings
Millions of Australians are being forced to exhaust their savings to cover everyday costs, according to new research by Finder.
A Finder survey of 1,011 respondents revealed more than half of Australians (54%) have had to raid their savings account in the past 12 months.
That's equivalent to almost 12 million people who depleted their savings just to keep their heads above water.
The average Aussie who has accessed their savings has withdrawn $7,274, a staggering $85 billion nationwide drain.
The research found 1 in 4 (24%) have had to dip into their savings to pay for everyday essentials, while 1 in 5 (19%) needed to pay for an emergency expense.
The other culprits were rent and mortgage costs (13%), debt (9%), school fees (7%) and lending to a family member (5%),
Graham Cooke, head of consumer research at Finder, said persistent inflation is having a serious impact on people's finances.
"Budgets are stretched to the limit and plenty of people are running into trouble and having to turn to their savings.
"With everyday costs climbing again, many households are stuck in a cycle where they're dipping into savings just to make ends meet, leaving little buffer for future shocks."
Finder's research found women (60%) were more likely than men (49%) to have taken money out of a designated savings account in the past 12 months for a reason other than what they were saving for.
Cooke said it's tough to meet savings goals in the current economic climate.
"With fuel and borrowing costs blowing out again it's becoming even more difficult to put away excess cash.
"However, saving money is a key step toward achieving financial security."
Cooke urged Aussies to have different savings accounts for different goals.
"A dedicated emergency fund could stop you draining your savings when an unexpected bill hits.
"A high-yield savings account could earn you an extra $1,500 a year right now when every dollar counts."
Have you had to take money out of a designated savings account in the past 12 months for a reason other than what you were saving for?
| Yes, for everyday essentials | 24% |
| Yes, for an emergency | 19% |
| Yes, to pay for rent/mortgage | 13% |
| Yes to pay off debt | 9% |
| Yes, for school fees | 7% |
| Yes to lend to a friend or family member | 5% |
| Yes, for renovations | 4% |
| Yes, other | 3% |
| Yes, to make an unexpected investment in shares, super or crypto | 2% |
| No | 46% |
| Source: Finder survey of 1,011 respondents, February 2026 |  |
Ask a question