{"id":755135,"date":"2026-08-31T02:14:10","date_gmt":"2026-08-31T02:14:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/755135\/"},"modified":"2026-08-31T02:14:10","modified_gmt":"2026-08-31T02:14:10","slug":"personal-finance-how-much-australians-save","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/755135\/","title":{"rendered":"Personal finance: How much Australians save"},"content":{"rendered":"

The average Australian says they are saving $928 every month, yet millions of people have only a marginal financial safety net<\/a>, according to new research.<\/p>\n

There is a growing divide between people who have managed to build a monetary buffer and those living pay cheque to pay cheque<\/a>, analysis by comparison site Finder found.<\/p>\n

\"GEN23,<\/p>\n

While many Australians are saving thousands of dollars every year, millions of people have less than $1000 in savings.\u00a0Dominic Lorrimer<\/p>\n

The average savings balance has climbed to $47,487 in August, up from $31,841 during the same month in 2023.<\/p>\n

But in stark contrast, 42 per cent of Australians – equivalent to 9.2 million people – admit they have less than $1000 in savings.<\/p>\n

Finder Money expert Richard Whitten says the research shows despite the cost-of-living crisis, many people were managing to squirrel away substantial sums.<\/p>\n

\u201cHaving money tucked away is the best way to stop a surprise car repair, medical bill or broken appliance from becoming a full-blown financial emergency,\u201d he said.<\/p>\n

\u201cEven putting away a small amount each payday can start to create some breathing room.\u201d<\/p>\n

Whitten says the best way to save is to put money aside automatically instead of waiting for the end of the month and seeing what\u2019s left.<\/p>\n

Many Australians also have only scant knowledge of the interest rate<\/a> from their savings accounts.<\/p>\n

Separate Finder research shows just 15 per cent of people say they know exactly what interest rate they\u2019re earning, while a further 34 per cent say they have a rough idea.\u00a0<\/p>\n

\u201cInterest rates can\u00a0vary dramatically between savings accounts, so not knowing what you\u2019re earning could be costing you hundreds of dollars each year,\u201d said Whitten.<\/p>\n

\u201cCheck that your money is earning a competitive interest rate \u2013 ideally starting with a five \u2013 and make sure you\u2019re not missing out on hundreds of dollars in interest.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The average Australian says they are saving $928 every month, yet millions of people have only a marginal…\n","protected":false},"author":2,"featured_media":755136,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,4174,4175,56,54,55],"class_list":["post-755135","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/755135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=755135"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/755135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/755136"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=755135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=755135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=755135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}