Your father’s eyes and your mother’s PIN: 1 in 3 Aussies with same bank as their parents
For millions of Australians, the apple doesn't fall far from the tree when it comes to banking, according to new research by Finder.
A Finder survey of 1,013 respondents revealed 30% – equivalent to 6.4 million people – are with the same bank as their parents.
The research shows almost half (46%) of gen Z – adults aged 18-28 – are with the same financial institution as their mum and dad.
Alison Banney, money expert at Finder, said banking habits are often passed down through generations.
"Many Aussies stick with the bank they grew up with because it feels familiar and trusted.
"While loyalty to your parents' bank might seem harmless, it could mean missing out on better interest rates, lower fees, or innovative digital features elsewhere."
Finder analysis shows the average gen Z who has an interest rate of 3% p.a. on their savings account (rather than a high rate of 5% p.a.) would be missing out on a whopping $910 in interest per year.
The average millennial would be missing out on $1,023, while gen for gen X the figure is $1,128. Baby boomers would be missing out on a significant $1,422, according to Finder's analysis.
| Gen Z | Millennials (Gen Y) | Gen X | Baby Boomers | |
|---|---|---|---|---|
| Average savings in July | $37,617 | $42,337 | $49,989 | $65,428 |
| Average amount saved per month in July | $1,161 | $1,286 | $807 | $579 |
| Missed earnings in interest over a year (assuming an interest rate of 3% p.a. rather than a leading rate of 5% p.a.) | $911 | $1,023 | $1,128 | $1,422 |
| Source: Finder's Consumer Sentiment Tracker, July 2025 | ||||
| Earnings calculated using Finder's Savings Calculator | ||||
| Figures rounded to the nearest dollar |  |
Banney said with nearly half of Gen Z banking where their parents do, it's clear that financial habits start young.
"The financial landscape has changed dramatically in recent years. Sticking with a legacy bank out of habit could be costing people thousands annually.
"It's a good idea to treat your bank like any other service provider – shop around, compare, and make sure it's still meeting your needs.
"There's nothing wrong with staying loyal to a bank, but loyalty should be earned – not inherited."
Are you with the same bank as your parents?
| Yes | 30% |
| No | 70% |
| Source: Finder survey of 1,013 respondents, March 2025 | |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1, 013 respondents from March 2025.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
Sources
Check out the savings accounts with the top Finder Scores in here.
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