How much does the average Australian have in savings?

Savings can provide a safety net for individuals and households during periods of financial difficulty or stress. But how much does the average Australian actually have stashed away in their savings account?

Australians had average cash savings of $34,507 at the end of 2022, according to NAB’s Australian Wellbeing Survey. However, these figures were published at the beginning of 2023 and the Australian Bureau of Statistics’ (ABS) National Accounts figures show the household saving ratio decreased significantly over 2022/23 from 12.6% to just 4.3%.

"The household saving to income ratio is calculated by dividing household savings by household disposable income. A lower household saving ratio indicates that, generally, households are spending more and saving less."

During the pandemic, the saving ratio soared due to an influx of stimulus money and limited avenues for spending it. Since 2022, the saving ratio went on a downward trajectory on the back of a slew of rate hikes by the Reserve Bank of Australia (RBA). Australia’s central bank has increased the cash rate on 13 occasions since May 2022, taking it to 4.35%.

While it’s safe to assume that the average Aussie’s current savings may be lower than these historical figures, savings aspirations among Australians remain “extremely high”, according to NAB’s Australian Wellbeing Survey Q2 2024.

According to the survey, the overall number of people trying to save was 76% in Q2 2024. Despite this, the survey also found that household savings remained under pressure, with 26% of respondents noting a decline in their savings.

The level of concern over savings increased to a survey high 62.1 points in the June quarter. For reference, 0 points suggests no worries, while 100 points cites extreme concern. This was higher than the recorded level of income stress of 59.8 points.

Average savings by demographic

According to the NAB Australian Wellbeing Survey, older Australian men, aged 50-64, had the greatest amount of savings as of Q4 2022. Conversely, young women, aged 18-29, had the least.

Geographically, there’s a bit of a savings spread. City slickers, especially in the big capitals, were found to be sitting on the highest average savings at about $38,000. The story was a bit different in regional and rural areas, with averages of around $28,500 and $27,000, respectively.

No surprises here - savings accounts get fatter when paychecks are higher. Those earning $100,000 or more per year were found to be holding the most in savings, while those on lower incomes had less cash stashed.

Source: NAB Australian Wellbeing Survey Q4 2022. 

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