The great savings divide: Average Aussie saves $928 a month, but millions are one paycheque away from disaster
Key takeaways
- The average Australian has $47,487 in cash savings in August.
- Just 15% of Australians know exactly what interest rate they're earning on their savings.
- Interest rates can vary dramatically between savings accounts.
The average Australian says they are saving $928 per month, according to new research by Finder.
According to data from Finder's Consumer Sentiment Tracker (CST), the average savings balance has climbed to $47,487 in August. That's up from $31,841 in August 2023.
In stark contrast, 42% of Australians admit they have less than $1,000 in savings – that's 9.2 million people with almost no financial buffer.
Richard Whitten, money expert at Finder, said the figures reveal a growing divide between Australians who have managed to build a financial safety net and those living paycheque to paycheque.
"Despite the high cost-of-living, some Australians are putting serious money aside and building a much stronger financial safety net.
"Having money tucked away is the best way to stop a surprise car repair, medical bill or broken appliance from becoming a full-blown financial emergency."
Whitten said for households with little or no buffer, the goal doesn't need to be thousands of dollars overnight.
"Even putting away a small amount each payday can start to create some breathing room.
"The biggest hack is making saving automatic. If you wait until the end of the month to see what's left, there's a good chance there won't be anything."
Separate Finder research shows just 15% of Australians say they know exactly what interest rate they're earning on their savings, while a further 34% say they have a rough idea.
Alarmingly, more than a third (35%) admit they have no idea what their savings account pays.
Whitten said regardless of whether you've built up a decent savings balance, or you're just getting started, don't leave it on autopilot.
"Too many Australians are leaving money on the table by not paying attention to where they keep their savings.
"Interest rates can vary dramatically between savings accounts, so not knowing what you're earning could be costing you hundreds of dollars each year.
"Check that your money is earning a competitive interest rate – ideally starting with a 5 – and make sure you're not missing out on hundreds of dollars in interest."
Do you know the current interest rate on your primary savings account?
| Yes, I have a rough idea | 34% |
| Yes, I know exactly what it is | 15% |
| No, I keep my money in a transaction account | 9% |
| No, I have no idea what my interest rate is | 35% |
| I don't have a savings account | 7% |
| Source: Finder survey of 1,009 respondents, June 2026 |  |
Credits
- PR & Insights research team: Taylor Blackburn, Kate Boddington, Natascha Kwiet-Evans, William Capada
- Survey operation: Qualtrics
Sources
Ask a question