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$130k or $3: Aussies reveal how much they have in savings

The rising cost of living, sky-high rents and soaring interest rates have made it harder to save.

A composite image of Australian $100 notes in cash and a crowd of people waking in the Sydney CBD to represent savings.
Aussies have revealed how much savings they really have. (Source: Getty)

The average Australian had $39,439 in savings in August 2022, according to Finder’s Consumer Sentiment Tracker, but some Aussies are finding that number hard to believe.

Referencing the Finder report, an Aussie redditor posted to the popular website to ask other Aussies how much they really had stashed away in the bank for a rainy day.

“Seems like with inflation and interest rates rising and all the rest, I'm barely saving these days, but lucky [sic] I made some headway during COVID so I'm still somewhat comfortable. Compared to some of my friends though, I feel like I'm way behind,” user wllj posted.


“I'm not married, 32, earning $90k and I've got about $20k in savings. I rent, don't own a place. I should probably have a lot more by now, but I've always prioritised things like travelling, eating at good places, concerts etc. If you're comfortable sharing, tell me what you've got and a little bit about yourself?”

Other users flooded the comments section to share their personal situations, some with funnier replies than others.

“You guys have savings?” one user commented. While others joined in solidarity claiming they also had no savings at all.

A screenshot of a conversation on Reddit in which users are laughing about how little money they have saved.
Reddit users came together to joke about how little money they have saved. (Source: Reddit)

But others were more forthcoming, with one user saying that, as a 39-year-old earning $125,000 a year with a mortgage, they had around $40,000 in the bank - so, somewhat in line with the Finder research.

Others were much more well off. One user said they were 51 years old, married and owned a $1.3 million home with no mortgage. They claimed to have around $130,000 in savings and $700,000 in super.

When asked how they managed to complete such a feat, the user said it was a combination of living more frugally and sacrificing their salary.

“When we were earning two incomes, we lived off one income and the other went straight into the mortgage,” they said.

“Salary sacrificed into super as well + [sic] making lump-sum contributions if either of us got a bonus.”

The commenter said they were effectively paying almost double the minimum repayments on their mortgage by putting one income into their offset account and the other went straight into the mortgage.

“We'd also regularly 'trade up' on our property - we'd renovate and then look for another home in a good area that needed a little work... not too much, but enough to increase its value. We'd ensure that the mortgage was about the same that we were already paying,” they said.

“We'd purchase that property, do it up a little, then sell again after about 5 years to ensure that the value had gone up sufficiently. Worked our way up from a unit to now fully owning our own home by our late 40s.”

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