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Am I Saving Enough? — Savings vs Age Comparison

Enter your age and cash savings to see how you compare against age-based benchmarks, check your emergency fund, and get a plan to reach the next milestone.

Last verified: 12 September 2026

Reviewed by the Savings Mate editorial team — figures fact-checked against the ATO, Services Australia and ASIC MoneySmart.

How much savings should I have by my age?

Savings Mate's benchmarks for cash savings (bank accounts and term deposits held by an individual; super, property and shares excluded) are: 18–24 $8k, 25–29 $18k, 30–34 $35k, 35–39 $50k, 40–44 $65k, 45–49 $75k, 50–54 $85k, 55–59 $95k, 60–64 $100k, 65+ $90k. Your savings are healthy if you pass three checks: (1) a 3–6 month emergency fund of essential expenses, (2) saving at least 15–20% of take-home each month (the 50/30/20 rule), and (3) cash savings at or above the benchmark for your age band. These are illustrative planning targets, not survey results: the ABS publishes household net worth by age, not cash savings by individual age. Reviewed 2026-09-12.

Worked example (the calculator's defaults). Age 30 with $25,000 saved and $4,000 a month of essential expenses. The 30–34 benchmark is $35,000, so the verdict is behind by $10,000. The emergency fund covers 6.3 months (target 6 months = $24,000). To reach the next milestone of $50,000 by age 35, save about $417 a month for 5 years on top of what is already saved.
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years
$

Bank accounts and term deposits only — exclude super, property, shares and other investments

$

Used to calculate your emergency fund coverage

Your Savings Verdict

Behind

Your savings are below the benchmark for your age group. The good news: small changes compound quickly.

BehindBenchmarkWay Ahead

How You Compare (Age 30–34)

Your savings$25,000.00
Benchmark for your age$35,000.00
"Good" savings for your age$60,000.00
Difference from benchmark-$10,000.00

Emergency Fund Status

Strong
Your coverage6.3 months
Target (6 months)$24,000.00
0 months3 months6 months

Your Next Milestone: Age 35

To reach $50,000.00 by age 35, you need to save:

$96.15

per week

$416.67

per month

This is on top of maintaining your current savings. Consider automating this amount into a high-interest savings account on payday.

How to Catch Up

1.

Automate your savings

Set up an automatic transfer of $416.67/month on payday. You'll close the gap in 2 years without thinking about it.

2.

Open a high-interest savings account

The best savings accounts in Australia offer 5%+ interest. On $20,000, that's $1,000+/year in free money.

3.

Cut your top 3 expenses

Review subscriptions, dining out, and impulse purchases. Most people find $200–$400/month in easy cuts.

4.

Use the 50/30/20 rule

Allocate 50% of take-home to needs, 30% to wants, and 20% to savings. Even starting at 10% puts you ahead.

Savings Benchmarks by Age (illustrative targets)

AgeMedianGoodExcellent
18–24$8,000.00$15,000.00$30,000.00
25–29$18,000.00$35,000.00$60,000.00
30–34(You)$35,000.00$60,000.00$100,000.00
35–39$50,000.00$90,000.00$150,000.00
40–44$65,000.00$120,000.00$200,000.00
45–49$75,000.00$140,000.00$250,000.00
50–54$85,000.00$160,000.00$300,000.00
55–59$95,000.00$180,000.00$350,000.00
60–64$100,000.00$200,000.00$400,000.00
65+$90,000.00$180,000.00$350,000.00

Savings Mate illustrative benchmarks (planning targets). Not ABS observations — the ABS does not publish liquid savings by individual age band. Metric: liquid savings held by an individual: bank accounts and term deposits only; excludes superannuation, property, shares and other investments. Reviewed 2026-09-12.

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What these benchmarks measure (and what they do not)

Metric: Liquid savings held by an individual: bank accounts and term deposits only. Excludes: superannuation, property, shares and other investments. Population: Individual Australian adults, by age band.

Basis: Savings Mate illustrative benchmarks (planning targets). Not ABS observations — the ABS does not publish liquid savings by individual age band. The "median" column is our central planning benchmark for the band; "good" and "excellent" are stretch targets. If your own goal (a deposit, a career break) implies a different number, use that instead. Reviewed 2026-09-12.

Full table: 18–24: $8k / $15k / $30k; 25–29: $18k / $35k / $60k; 30–34: $35k / $60k / $100k; 35–39: $50k / $90k / $150k; 40–44: $65k / $120k / $200k; 45–49: $75k / $140k / $250k; 50–54: $85k / $160k / $300k; 55–59: $95k / $180k / $350k; 60–64: $100k / $200k / $400k; 65+: $90k / $180k / $350k.

Frequently Asked Questions

How much should I have saved by 30 in Australia?
A reasonable planning target for cash savings (bank accounts and term deposits, excluding super, property and shares) is around $35k by your early thirties, with $60k a strong position. That includes a 3–6 month emergency fund. These are Savings Mate planning benchmarks, not an official statistic: the ABS publishes household net worth by age, not cash savings by individual age, so treat the figure as a yardstick and set your own goal from your expenses.
How much savings should I have at 40?
Our benchmark for ages 40–44 is $65k in cash savings, with $120k a strong position and $200k excellent. Cash is only part of the picture at 40: for most people wealth sits in superannuation and a home, which this tool deliberately leaves out so you are comparing like with like.
What are the savings benchmarks by age?
Savings Mate's benchmarks for cash savings by age band are: 18–24 $8k, 25–29 $18k, 30–34 $35k, 35–39 $50k, 40–44 $65k, 45–49 $75k, 50–54 $85k, 55–59 $95k, 60–64 $100k, 65+ $90k. "Good" targets run 18–24 $15k, 25–29 $35k, 30–34 $60k, 35–39 $90k, 40–44 $120k, 45–49 $140k, 50–54 $160k, 55–59 $180k, 60–64 $200k, 65+ $180k. They measure an individual's bank and term deposit balances only, exclude superannuation, property, shares and other investments, and are illustrative planning targets rather than survey results. Reviewed 2026-09-12.
Is my savings good for my age?
Your savings are in good shape if you pass three checks: (1) you hold an emergency fund covering 3–6 months of essential expenses, (2) you are saving at least 15–20% of your take-home pay each month, and (3) your cash savings are at or above the benchmark for your age band. The tool applies all three to your numbers and shows which one to work on first.
How much should I save each month?
The common rule of thumb is 20% of take-home pay, following the 50/30/20 split (50% needs, 30% wants, 20% savings). On take-home pay of $5,500 a month that is $1,100 a month, or about $254 a week. If you are behind, a higher rate of 25–30% for a period closes the gap faster; even 10% builds a buffer. Use the milestone figure the tool gives you as the minimum.
How do I catch up on savings if I'm behind?
Start with a small buffer of $2,000–$5,000, then automate a transfer on payday so the saving happens before spending does. Review your three largest discretionary costs, park the savings in a high-interest account so the balance compounds, and lift the transfer by 1–2% of pay every month or two until you reach 20%. The tool's milestone figure tells you the monthly amount needed to reach the next benchmark by the next age band.
What is a good emergency fund in Australia?
A good emergency fund covers 3–6 months of essential expenses: rent or mortgage, utilities, food, insurance, transport and minimum debt repayments, not discretionary spending. On $4,000 a month of essentials that is $12,000–$24,000. Keep it in an accessible high-interest savings account rather than invested. Singles, contractors and people with variable income should aim for the six-month end.

General information and estimates only — not financial, tax, or legal advice. Always verify with a licensed adviser or the ATO.

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