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Written By
Jared Mullane
Reviewed by
Sean Callery
Last updated8 May 2025
Australians have an average of $46,825 in savings, with Boomers leading the way with an average savings of $61,232.
Written By
Jared Mullane
Reviewed by
Sean Callery
Last updated8 May 2025
Australians have an average of $46,825 in savings, with Boomers leading the way with an average savings of $61,232.
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Savings statistics in Australia at a glance
How much does the average Australian have in savings?
The average Australian has $46,825 in savings, according to a survey commissioned by Money.com.au*.
Average savings by age
Baby Boomers (58+ years) have the highest average savings at $61,232, while Gen Z (18 - 25 years) has the lowest at $40,185. This difference is expected, as Boomers have been in the workforce longer and have had more time to accumulate savings.
Millennials (26 - 41 years) are the only generation to buck the pattern of age translating to higher savings, with higher savings balances than their Gen X (42 - 57 years) counterparts.
Our survey found that, on average, men have over $14,000 more in savings than women, which is roughly 27% higher.
Male
$53,944.40
Female
$39,458.50
Average savings by state
The Northern Territory has the highest average savings at $68,147.70, followed by New South Wales at $58,982.60. In contrast, the lowest average savings are found in the ACT at $28,617.90 and South Australia at $30,199.70.
| Household income | Average savings |
|---|---|
$1 - $49,999 | $27,744.80 |
$50,000 - $99,999 | $36,328.00 |
$100,000 - $149,999 | $43,902.30 |
$150,000 - $199,999 | $51,617.60 |
$200,000 - $299,999 | $58,644.60 |
$300,000 - $399,999 | $107,020.20 |
$400,000 - $499,999 | $104,130.00 |
$500,000 or more | $147,935.30 |
Average savings by residential status
Unsurprisingly, homeowners without a mortgage have the highest average savings at $72,484.60. They are followed by homeowners with a mortgage at $48,216.80, those in other living situations at $38,154.90, and renters at $32,219.20.
How much of their income do Australians save?
A key indicator of how Australians are saving is the ABS’s household savings ratio. This percentage reflects how much disposable income — what's left after taxes and essential expenses — people are saving.
For example, in June 2024, the savings rate was just 0.6%, a stark contrast to 24.1% in June 2020, when savings surged during the pandemic. This means a household earning $12,000 a month in June 2024 would save only $72, compared to $2,892 in June 2020.
How much savings should you have?
Benjamin Brett, owner and financial planner at Bounce Financial, told Money.com.au that it’s often recommended to save 20% of your income for long-term goals. These goals can include paying off your home loan, preparing for early retirement, or building wealth.
“Like all things in finance, it depends on your personal circumstances. For lower income earners, 20% may be too much. On the flip side, for higher income earners, you may be able to save a lot more. If your goal in life is to retire at a reasonable time and not be stuck with a mortgage forever, 20% may be a good starting point.”
Mr Brett explained that with each paycheck, he allocates funds to three areas of his life: current expenses, medium-term goals, and future savings.
Benjamin Brett, Owner and Financial Planner at Bounce Financial
“Current is my day-to-day living costs. This is groceries, eating out, holidays, petrol. Basically the costs of running my life. Over the next 5-10 years (the medium term), I might have specific goals. This might be paying down the house early, saving for private high school or preparing to get a new car. By assigning a specific amount each fortnight, I can be certain I’m on track to achieve my goals. Finally, I assign money for my future (retirement and beyond). Largely this consists of additional contributions to superannuation to reduce my tax and prepare for retirement.”
Benjamin Brett, Owner and Financial Planner at Bounce Financial
Jared Mullane is a finance writer with more than eight years of experience at some of Australia’s biggest finance and consumer brands. His areas of expertise include energy, home loans, personal finance and insurance. Jared is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821).
Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.
