Average Savings by Age Australia 2026: How Do You Compare?

When comparing savings, always look at the median (the middle value) rather than the average (mean). In Australia, a small number of very wealthy individuals skew the average dramatically upward, making it a misleading benchmark for most people.

Here's the thing. For example, among 35-44 year olds, the average household net worth (including property, super, and savings) is approximately $820,000 — but the median is $480,000. The average is inflated by a small percentage of households with investment properties, large share portfolios, or inherited wealth. If you compare yourself to the average, you will almost certainly feel behind even if you're doing perfectly well.

The median tells you where the typical Australian household sits. The data sources for this article are the ABS Survey of Income and Housing (most recent: 2023-24, inflated to 2026 estimates), the RBA's Household Financial Accounts, and HILDA (Household, Income and Labour Dynamics in Australia) survey data. We focus on liquid savings (bank accounts, term deposits, shares, and managed funds — excluding super and property equity) because this is the money you can actually access in an emergency or for short-term goals.

Super and property equity are addressed separately.

Median liquid savings for Australians aged 20-29: approximately $8,000-$12,000. Average: approximately $22,000-$28,000.

The gap between median and average is already significant, driven by the minority of 20-somethings who received family financial help, started businesses early, or work in high-paying fields like mining, tech, or finance. At this age, most people are building careers, paying off HECS-HELP debt, renting, and establishing spending patterns. Savings are naturally lower — and that's OK.

Let's break this down. What 'enough' looks like in your 20s: a 3-month emergency fund covering essential expenses (rent, food, transport, insurance, minimum debt payments). For a single person renting in Sydney, that's approximately $10,000-$15,000. In Brisbane or Adelaide, $7,000-$10,000.

Beyond the emergency fund, the most powerful thing you can do in your 20s is not about the dollar amount saved — it's about building the habit of saving. Saving 10-15% of take-home pay consistently from your mid-20s (even if that's only $300-$500/month) creates the muscle memory and cash flow discipline that leads to serious wealth accumulation in your 30s and 40s.

A 25-year-old saving $400/month at 7% returns will have $240,000 by age 45 — and $600,000 by age 55. Starting at 35 instead of 25 cuts those numbers roughly in half.

Median liquid savings for Australians aged 30-39: approximately $25,000-$35,000. Average: approximately $65,000-$85,000.

The 30s are the 'compression decade' — income rises significantly (most Australians reach their peak earning trajectory in their late 30s), but so do expenses. Many 30-somethings are saving for a house deposit (or paying a new mortgage), starting families (childcare costs of $15,000-$30,000/year after subsidies), managing HECS repayments at higher income thresholds, and dealing with the general lifestyle inflation that comes with career progression. Liquid savings often stagnate or even decline in the early-to-mid 30s as capital is directed into a home deposit.

Quick reality check. A couple saving a 20% deposit for a $750,000 property needs $150,000 — and reaching that target can drain savings accounts entirely. What 'enough' looks like in your 30s depends heavily on your housing situation. If you're renting: aim for a 3-6 month emergency fund ($15,000-$30,000) plus whatever you're saving for a deposit.

If you've just purchased: your offset account is your savings — aim to rebuild a 3-month buffer ($15,000-$25,000 in offset) within 12-18 months of buy, then focus on building the offset further. If you're a 30-something with $25,000 in liquid savings plus $50,000 in super and equity in a home, you're tracking at or above the median — you're doing fine, even if it doesn't feel like it.

Median liquid savings for Australians aged 40-49: approximately $45,000-$65,000. Average: approximately $120,000-$160,000.

The 40s are where wealth accumulation accelerates for those who maintained good habits through their 30s. Incomes peak (average full-time earnings for 40-49 year olds are approximately $105,000-$115,000), childcare costs decline as children enter school, and mortgage balances start to reduce meaningfully. Super balances also grow significantly — the median super balance for 40-49 year olds is approximately $120,000-$150,000, and the average is $180,000-$220,000.

What 'enough' looks like in your 40s: a 6-month emergency fund ($25,000-$45,000), plus investments or offset balances that are growing year on year. By 45, you should be able to see a clear path to your retirement target. If your super is below $100,000 at 45, salary sacrifice aggressively — $15,000/year in additional salary sacrifice from 45 to 67 (22 years) at 7% returns adds approximately $840,000 to your retirement balance.

Worth knowing: The 40s are also when many Australians begin investing outside super — in shares, ETFs, or investment properties. The median 40-something with $60,000 in liquid savings, $150,000 in super, and $200,000 in home equity has a net worth of approximately $410,000 — slightly below the national median for this age group but within a normal range. That's the key takeaway.

Median liquid savings for Australians aged 50-59: approximately $70,000-$100,000. Average: $180,000-$250,000.

For ages 60-69: median $90,000-$130,000, average $220,000-$320,000. The 50s and 60s are characterised by rising super balances (median super at 55-59 is approximately $210,000-$260,000), declining mortgage balances (many households are mortgage-free by 55-60), and reduced dependent costs as children leave home. Liquid savings accelerate because the major drains on cash flow — childcare, school fees, mortgage — diminish or disappear.

What 'enough' looks like in your 50s: liquid savings of at least $50,000-$80,000 as an emergency buffer, a super balance tracking toward your retirement target (see our retirement article for specific targets), and ideally a mortgage that will be paid off before retirement. If your super is below target, the 50s are your last window for catch-up contributions — carry-forward unused concessional caps from the last five years and maximise salary sacrifice. The combination of no mortgage, no dependent children, and peak earning years makes the 50s the most powerful savings decade for many Australians.

A couple who frees up $3,000/month (from a paid-off mortgage and children leaving) and invests it at 7% from age 55 to 67 will accumulate approximately $620,000 — a transformative amount for retirement.

Bottom line? Regardless of age, an emergency fund is the foundation of financial resilience. The standard benchmark is 3-6 months of essential expenses — not income, expenses.

Essential expenses include rent or mortgage payments, food and groceries, utilities, insurance premiums, transport, minimum debt repayments, and essential medical costs. For a single person renting in a capital city, essential monthly expenses typically total $2,500-$4,000, meaning a 3-6 month emergency fund is $7,500-$24,000. For a couple with a mortgage and two children, essential expenses are often $5,000-$8,000/month, meaning a 3-6 month fund is $15,000-$48,000.

Where to hold your emergency fund matters. The best options in order of preference: a mortgage offset account (earns the equivalent of your mortgage interest rate, currently 6-7%, tax-free — the highest effective return available for risk-free savings), a high-interest savings account (5.30-5.60% in March 2026 from online banks like ING, UBank, and Macquarie), or a term deposit (4.80-5.40% for 3-12 months, but locked away). Avoid holding your emergency fund in shares, ETFs, or crypto — these can lose 20-40% in a downturn, which is precisely when you're most likely to need emergency cash.

The purpose of the emergency fund is not to grow — it's to be there when everything else goes wrong. Job loss, medical emergency, car breakdown, urgent home repair.

If you've to sell investments at a loss to cover an emergency, the emergency fund has failed its purpose.

So what does this actually mean? If your savings are below the median for your age, the maths of catching up is surprisingly forgiving — if you start now. The power of compound growth means that every year you wait costs more than the last.

Consider three catch-up scenarios, all targeting $500,000 in investable assets by age 60. Starting at 30 (30 years): you need to save $430/month at 7% returns. That's $5,160/year or roughly $100/week.

Eminently achievable on a median income with disciplined budgeting. Starting at 40 (20 years): you need to save $960/month at 7% returns. That's $11,520/year — harder but still feasible, especially as income typically peaks in the 40s and major expenses (deposits, early childcare) are behind you.

Starting at 50 (10 years): you need to save $2,900/month at 7% returns. That's $34,800/year — very challenging unless you've a high income or can redirect freed-up cash flow (paid-off mortgage, children leaving home).

The lesson is clear: time is the most powerful variable in the savings equation. $430/month for 30 years produces the same outcome as $2,900/month for 10 years. For those who are behind, the most effective strategies are: automate your savings (set up an automatic transfer on payday — you can't spend what you don't see), salary sacrifice into super (tax-effective and forces saving), use the debt snowball or avalanche method to eliminate high-interest debt (every dollar of credit card interest you stop paying is a dollar available to save), and track your spending for 30 days using a free app to identify where money is leaking. Most Australians who track spending for the first time find $200-$500/month in cuts they're willing to make.