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.
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A Finder survey of 1,013 respondents revealed 30% – equivalent to 6.4 million people – are with the same bank as their parents.
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The research shows almost half (46%) of gen Z – adults aged 18-28 – are with the same financial institution as their mum and dad.
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Alison Banney, money expert at Finder, said banking habits are often passed down through generations.
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"Many Aussies stick with the bank they grew up with because it feels familiar and trusted.
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"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."
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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.
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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.
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| 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.
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"The financial landscape has changed dramatically in recent years. Sticking with a legacy bank out of habit could be costing people thousands annually.
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"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.
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"There's nothing wrong with staying loyal to a bank, but loyalty should be earned – not inherited."
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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
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Check out the savings accounts with the top Finder Scores in here.
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