The average Australian allegedly has about $40,000 in savings according to a new survey and literally show them to me! Who are they??? Where and how???
The data, due to be released by comparison website Finder next week, took a national sample of more than 1000 people from different age groups in July and August and apparently people have been gathering some serious acorn this winter.
The average amount of cash Aussies have in the bank has increased by 75 per cent in the past six months when people averaged a measly $22,565 in March.
The report suggested inflation, interest rate rises and the skyrocketing cost of living changed many people’s spending habits because the amount of savings has been trending upwards since the interest rate began to rise earlier this year.
The research shows this so-called average Australian on a so-called average salary of about $90,000 could afford to live off their savings for 19 weeks if they lost their job today. Even with expensive petrol and veggies.
But Finder also found in a June report that one in five Australians didn’t have enough cash in the bank to cover them for more than a week, an increase of 14 per cent from June 2021.
So what’s going on here? Who are these millionaires? Well, we get a slightly different picture when the numbers are broken down by demographic. Strap in.
The average amount of savings differs vastly by age. Boomers on average have $76,785 in the bank. Gen Xers have $40,484, Millennials have $23,640 and Gen Z, $13,179. Honestly considering the chasms of wealth between Boomers, Gen X and again to Millennials, Gen Z is surprisingly not far behind. Literally what fkn Gen Zs just casually have more than 10 whole grand in the bank? Show yourselves!
The figures also vary dramatically state-by-state. Seems all those lockdowns might’ve helped Melburnians pocket a little extra because Vic came out way on top with an average of $50,476 cash on hand. Woof.
Qld was next with $43,771, then NSW with $34,941. SA was last with $19,524.
And to make things more disturbing, across the nation men have almost double what women have tucked away. Wow, being on the good end of pay inequality must be nice!
Supposedly men have average about $52,786 in savings while women have just $26,132. If true they better start buying me martinis.