Average cash savings balance revealed: Is yours on track?
Here's how much cash Aussies in each age group have saved up in the bank.
Ever wondered how your savings balances compares to others in your age group?
Well, now you can know.
According to Finder data, the average Aussie has $43,494 in cash savings.
This is cash that's readily available in a bank account or savings account, not cash that's invested in other assets like shares.
Unsurprisingly, the older generation has the most saved up on average while the younger generation has the least.
| Age group | Average savings balance |
|---|---|
| Gen Z (aged 13-28) | $27,101 |
| Gen Y (aged 29-44) | $44,904 |
| Gen X (aged 45 to 59) | $49,943 |
| Baby boomers (aged 60-79) | $52,341 |
According to the data, Aussies are saving $892 per month on average.
Does your balance need a boost?
Compare high interest savings accounts now.
4 tips to boost your balance
Is your savings balance behind the average in your age group? Don't worry, there are plenty of things you can do to give your balance a boost.
1. Switch to a high interest savings account.
If you haven't compared savings accounts in a while you could be missing out on a lot of extra interest.
The average savings account rate is just over 2% p.a., but there are account paying as high as 5.10% p.a. at the moment. Switching will help you earn more interest instantly.
2. Look closely at the conditions for bonus interest.
Check what you need to do each month to qualify for bonus interest, and make sure you can realistically meet these conditions each month.
Sometimes it's better to choose a savings account with a slightly lower interest rate and conditions you can easily meet, to guarantee you get the bonus rate month after month.
3. Automate your savings.
You can set up a regular automatic transfer into your savings each week or each month so it's done for you automatically, just like any other regular payment.
4. Review your spending.
Take a look at your past few months worth of transactions to see where your money is going, and cut out any unnecessary purchases. Make sure you're not spending too much on things you don't necessarily need when the money could be going into your savings instead.
Time for a new savings account? Compare high interest savings accounts with bonus rates, or consider a savings account with no conditions to meet for a set-and-forget option.
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