What does the average Australian have in their savings account?

With the continual rise of social media there has never been a more open and transparent conversation about job roles, earnings and savings from TikTok to Linkedin. Some of these people base a platform on their jobs and what they earn where others are sometimes simply stopped on the street to be asked about their vast quantities of earnings and savings, but what does the average Australian have in their savings account? In this piece, we take a look at the amount everyday Australians have in their savings account.

According to reports from Finder, in Australia, the total value of all savings accounts is approximately $655 billion, with the average individual holding around $37,915 in 2024.

Households earning over $100,000 annually save more than double what those earning under $50,000 do—$67,932 compared to $30,848. Generation X, at the height of their careers, leads in savings with an average of $57,794, while Generation Z has the least, averaging $28,372.

On average, men have significantly more saved than women. Men hold $47,398 in savings, while women have just $27,492. The savings gap is widest among Gen Z, where men save 154% more than women; this is followed by Generation Y at 55% and Generation X at 45%.

Typically, Australians save about $729 each month, with men saving $850 (39% more) compared to women at $612. Millennials lead in monthly savings at $839, followed by Generation Z at $822 and Generation X at $719. Baby boomers, mostly retired, save the least, averaging $496.

Residents of New South Wales contribute the most to their savings each month, averaging $861, while those in South Australia save the least at $502.

Nearly half of Australians (47%) could survive on their savings for only one month or less, with just 22% able to last six months or more. Women are more likely (54%) than men (40%) to have savings for only one month or less. One in five women (19%) live paycheck to paycheck with less than a week's savings, nearly double the 10% of men in the same situation.

Over half of Generation Z (57%) can sustain themselves on their savings for a month or less, with 50% of millennials in the same position. In contrast, 39% of baby boomers could manage for at least a year.

Tips for Building Your Savings

If you’re looking to boost your savings, consider these practical tips:

Track your income and expenses to identify areas where you can cut back.

Having specific saving goals can help motivate you to save more consistently.

Set up automatic transfers to your savings account each month to make saving easier.

Look for deals and discounts, and consider buying generic brands to save on everyday purchases.

High-interest Savings Accounts can help your savings grow faster. With the free GLOSS Vault app we can tell you within 30 seconds the highest savings account relevant to where you live and how much more you could be earning each month.

The 50/30/20 rule is a useful guideline for savings. Allocate 50% of income for essentials (like rent and food), 30% for discretionary spending (such as vacations and dining out), and the remaining 20% for savings.

Summary

Whilst the average Australian savings account balance provides a snapshot of the country’s financial habits everybody’s spending and saving habits are completely unique to them. If you are above the average where you live, great you will be able to potentially save more. If you are under the average, don’t worry as with clever budgeting you can also be saving enough for a rainy day. The most important thing is to feel in control of your money and be able to financially cope with any sudden setbacks, if those things are covered that’s when the fun of saving for holidays, gigs or anything else you enjoy begins!

Here at the GLOSS Vault, we have made it our mission to help as many people like you across Australia and New Zealand feel in control of your money and ensure you’re getting the most out of it. To find out more about us and what we do click here. If you’d like to see our app in action for yourself head here!