How much savings should you have by age and gender?

Average Australians have $28,426 in savings.

Men average savings: $36,178
Women average savings: $20,957

Average savings by age
Aged 56-74: $40,463 (Baby Boomers)
Aged 40-55: $34,025 (Gen X)
Aged 24-39: $22,532 (Gen Y)
Aged under 24: $10,568 (Gen Z)

Australian men savings by age
Aged 56-74: $48,644
Aged 40-55: $41,118
Aged 24-39: $26,618
Aged under 24: $16,349

Australian women savings by age
Aged 56-74: $30,162
Aged 40-55: $26,436
Aged 24-39: $18,570
Aged under 24: $7,558

How much should I save each month?

The 50/30/20 rule

- 50% of your monthly income should go towards essential living expenses such as rent, food and other bills.

- 30% of your income goes towards other non-essential spending like entertainment (movie, netflix, disney), eating out, technology and weekends away.

- 20% of your monthly income should go towards your savings.

Let us put into practice:

Monthly income was $5,000

- Essential expenses: $2500 (50% of $5000)

- non essential spending: $1,500 (30% of $5000)

- savings: $1000 (20% of $5000)

Data source: https://www.finder.com.au/

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