Am I Doing Well Financially for My Age?

Money is one of the last taboo topics in Australia. We will talk about relationships, health, even politics — but asking a friend how much they earn or have saved feels deeply uncomfortable.

This silence creates a vacuum that gets filled with anxiety, assumptions, and social media highlight reels of people who appear to have it all figured out. The reality is that most Australians worry about money regardless of how much they have. A 2024 AMP Financial Wellness report found that 62% of Australians experience financial stress, and it cuts across all income levels.

People earning $150,000 reported stress at nearly the same rate as those earning $60,000 — the goalposts just shift. The first step to answering whether you're doing well financially is defining what 'well' means for you specifically. Is it having enough to cover an emergency?

In plain English: Being on track for retirement? Owning a home?

Being debt-free? Each of these is a valid measure, and they need different benchmarks. Rather than relying on vague feelings of unease, use data.

Our Money Check tool compares your actual financial position against relevant Australian benchmarks for your age, income, and circumstances, giving you an objective view of where you genuinely stand.

The ABS Survey of Income and Housing provides the most reliable data on Australian household wealth. Here's what the median (middle) household net worth looks like by age of the reference person.

Ages 15 to 24: approximately $30,000, heavily influenced by those still living at home. Ages 25 to 34: approximately $82,000 to $95,000, with a growing split between property owners and renters. Ages 35 to 44: approximately $400,000 to $500,000, largely driven by property equity.

The short version: Ages 45 to 54: approximately $700,000 to $850,000, as mortgages are paid down and super balances grow. Ages 55 to 64: approximately $900,000 to $1,100,000, representing peak accumulation before retirement. Ages 65 and over: approximately $850,000 to $1,000,000, as assets begin to be drawn down.

It's critical to note that these are household figures, not individual. A couple aged 35 with combined net worth of $500,000 is right at the median.

A single person at $250,000 is doing equally well individually. Property ownership is the single largest driver of wealth inequality within each age group — the median net worth for homeowners is roughly five to six times that of renters in the same age bracket. If you rent and have solid savings and investments, you may be in a stronger financial position than these headline numbers suggest.

Net worth is an important metric, but it's only one dimension of financial health. A comprehensive financial health check should also examine your savings rate — what percentage of your income you consistently save each month.

Financial planners generally consider a 20% savings rate as strong, 10% to 15% as adequate, and below 10% as an area for improvement. Your emergency fund coverage is another critical measure — how many months of essential expenses could you cover if your income stopped tomorrow? Three months is the minimum recommended buffer, six months is ideal, and twelve months provides genuine financial security.

Real talk — Debt-to-income ratio matters too. If your total debt repayments (mortgage, car loan, personal loans, credit cards) exceed 30% of your gross income, you're in a stressed position. Below 20% is comfortable for most households.

Your super adequacy is often overlooked but is arguably the most important long-term indicator — is your super balance on track to fund a comfortable retirement, or will you need to rely on the Age Pension? The Association of Superannuation Funds of Australia (ASFA) publishes retirement income standards that provide useful benchmarks.

Our Money Check tool evaluates multiple dimensions of financial health simultaneously, giving you a more complete picture than any single number can provide.

Financial anxiety is widespread even among people who are objectively in a good position. Several common factors create a false sense of being behind.

Social comparison bias is the biggest culprit — you see friends buying houses, going on holidays, or driving new cars, but you don't see their debt, their family help, or their financial stress. Instagram and TikTok amplify this by showcasing aspirational lifestyles while hiding the financial reality beneath them. Housing affordability distortion is another major factor.

One thing people miss: If you're a renter in Sydney or Melbourne, you may feel perpetually behind because median house prices need deposits of $150,000 to $250,000 — amounts that seem impossible on a regular salary. But renting is not failing; many financially sophisticated people choose to rent and invest the difference. Income comparison without context leads to distorted perceptions.

Your university friend in investment banking earning $200,000 at 30 is visible, but the median full-time Australian salary is around $78,000 — if you earn close to that and are saving consistently, you're doing well by any reasonable measure. Lifestyle inflation catches many people — as income grows, spending grows to match, leaving them feeling no better off despite earning significantly more.

If you're saving regularly, managing debt responsibly, and have a buffer for emergencies, you're ahead of a large proportion of the population. Take the Money Check assessment to get an honest, data-informed view of your position. Pretty straightforward once you know.

Rather than fixating on a single savings number, think about financial health as a series of progressive milestones. In your twenties, the priority is building foundations: establish an emergency fund of three to six months of expenses, eliminate high-interest consumer debt, consolidate your super into one low-fee fund, and begin saving at least 10% of your income.

If you manage these four things by 30, you're well positioned for the wealth-building decades ahead. In your thirties, the focus shifts to acceleration: aim for a net worth equivalent to one to two times your annual salary, consider property if it aligns with your goals and market conditions, begin investing outside of super (even small amounts), and protect your income with appropriate insurance. In your forties, you should be building significant assets: target a net worth of three to four times your salary, ensure your super is on track for your desired retirement lifestyle, pay down mortgage aggressively if you own property, and review your estate planning.

Heads up — In your fifties, it's about optimisation and protection: aim for five to six times your salary in net worth, maximise super contributions (contribution caps increase after 50 in some circumstances), reduce investment risk as retirement approaches, and solidify your retirement income plan. These are guidelines, not rigid rules — life rarely follows a straight line, and setbacks are normal.

Reading benchmarks is useful, but the real value comes from applying them to your specific situation. Our Money Check tool is designed to do exactly this — it takes your actual financial data (income, savings, super, debt, expenses) and compares it against relevant Australian benchmarks for your age and circumstances.

The assessment takes just a few minutes and provides a clear picture of where you stand across multiple dimensions of financial health. Beyond the initial assessment, consider these practical next steps. First, calculate your precise net worth by listing all assets (savings, super, investments, property equity, vehicle value) and subtracting all liabilities (mortgage, HECS, credit cards, personal loans, car loans).

This single number is your financial scoreboard. Second, track your spending for one month to understand where your money actually goes — most people are shocked by the gap between what they think they spend and what they actually spend. Our Budget Planner tool can help structure this exercise.

Third, check your superannuation projection to see whether your current balance and contribution rate will deliver the retirement income you want. Fourth, if you're employed, make sure you're being paid correctly — unpaid entitlements are more common than you think.

This bit matters. Check your award rates at FairWork Mate. If you may be eligible for government support, use BenefitsMate to see what payments and concessions are available to you. Knowledge is the first step to financial confidence.