Revealed: How much the average Aussie really has in savings - and the ... trends now
More than one in four Australians do not have any savings in their bank accounts, while more than two-thirds are in debt, a shocking new survey suggests.
The troubling figures come during a period of relative economic strength with unemployment below four per cent, but suggest cost-of-living pressures have eaten up any financial security buffer for millions.
Compare the Market, which surveyed 1,004 Australians in August, found 28.6 per cent of respondents did not have any savings in the bank.
Surprisingly, Gen X - those born between 1965 and 1980 - were struggling the most, with 37.5 per cent reporting having no savings at all.
By contrast, 23.1 per cent of boomers - the post-war generation born between 1946 and 1964 - said they had no money in their nest egg.
More than one in four Australians do not have any savings in their bank accounts, while more than two-thirds are in debt, a shocking new survey suggests (stock image)
Among Gen Z - the youngest working generation, born between 1997 and 2012 - 28.6 per cent reported having no savings.
And 26.9 per cent of millennials, born between 1981 and 1996, have no money set aside in their bank accounts for a rainy day.
Of those who had savings, the median amount was $12,000.
Almost half had at least $20,000 in their savings, while 29.4 per cent had at least $50,000.
Debt is also beginning to crush most people, with 68.5 per cent reporting a debt burden.