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Am I Saving Enough? — Savings vs Age Comparison

Enter your age and total savings to instantly see how you compare to the average Australian. Get a clear verdict, your next savings milestone, and a plan to catch up.

Last verified: 1 July 2025

How much savings should I have by my age?

Approximate median liquid savings (bank + term deposits, excluding super and property) by age bracket: 18-24 $5-10k, 25-34 $15-25k, 35-44 $30-60k, 45-54 $50-80k, 55-64 $60-100k. Your savings are "healthy" if you pass three checks: (1) 3-6 month emergency fund of essential expenses, (2) saving at least 15-20% of take-home each month (50/30/20 rule), and (3) total savings at or above the age median. Most Australians' wealth is concentrated in super and housing, not cash. Source: ABS Household Wealth & Income; ASIC MoneySmart.

Worked example. Age 30 on $85,000 → take-home ~$5,300/mo. 20% saving rate = $1,060/mo = $12,720/yr. Starting from $0 at 22, that pace gives ~$100k by 30 at 4% HISA interest — well above the $15-25k median. By 40: same pace puts you at ~$250k+ in cash plus super. If behind: start with a $2-5k minimum buffer, automate payday transfers, cut top 3 discretionary spends, use a 5%+ high-interest savings account, raise savings rate 1-2% per month until 20%.
100% FreeNo Sign-UpPrivate — runs in your browser
years
$

Bank accounts, term deposits, shares — exclude super and property

$

Used to calculate your emergency fund coverage

Your Savings Verdict

Behind

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

BehindMedianWay Ahead

How You Compare (Age 30–34)

Your savings$25,000.00
Median for your age$35,000.00
"Good" savings for your age$60,000.00
Difference from median-$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.

Australian Savings Benchmarks by Age

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

Source: ABS Household Income and Wealth surveys. Excludes superannuation and property.

Get a complete financial health score

Savings are just one piece. Our Money Check analyses your income, super, debt, and property for a full picture.

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Frequently Asked Questions

How much should I have saved by 30 in Australia?
By age 30, you should aim to have at least $30,000–$50,000 in personal savings (excluding super). This includes a 3–6 month emergency fund of roughly $15,000–$25,000, plus additional savings toward goals like a home deposit. The ABS median net worth for 25–34 year olds is approximately $75,000 (including super). If you started working at 22 and saved 15–20% of your take-home pay consistently, you'd be well ahead of most Australians your age.
How much savings should I have at 40?
By age 40, a good savings target is $80,000–$150,000 in personal savings (excluding super and property equity). You should have a fully funded emergency fund of 3–6 months expenses, plus investments or a home deposit. The ABS median net worth for 35–44 year olds is approximately $250,000 including super and property. Many Australians at this age have their wealth tied up in superannuation and property rather than cash savings.
What is the average savings by age in Australia?
According to ABS data, median savings by age bracket are approximately: 18–24: $5,000–$10,000, 25–34: $15,000–$25,000, 35–44: $30,000–$60,000, 45–54: $50,000–$80,000, 55–64: $60,000–$100,000. These figures represent liquid savings (bank accounts, term deposits) and exclude superannuation and property. Many Australians have relatively low cash savings because their wealth is concentrated in super and housing.
Is my savings good for my age?
Your savings are 'good' if you meet three key benchmarks: (1) You have an emergency fund covering 3–6 months of expenses, (2) You're saving at least 15–20% of your take-home pay each month, and (3) Your total savings are at or above the median for your age group. Use the tool above to enter your age and savings — it will instantly tell you whether you're behind, on track, or ahead compared to other Australians your age.
How much should I save each month?
The widely recommended target is 20% of your take-home pay, following the 50/30/20 rule (50% needs, 30% wants, 20% savings). On a take-home salary of $5,500/month, that means saving $1,100/month or about $275/week. If you're behind on savings, you may need to save more aggressively — 25–30% — until you've built your emergency fund and caught up to benchmarks. Even saving 10% is better than nothing and puts you ahead of many Australians.
How do I catch up on savings if I'm behind?
Start with these steps: (1) Build a bare-minimum emergency fund of $2,000–$5,000 first, (2) Automate savings — set up an automatic transfer on payday, (3) Cut your top 3 discretionary expenses (subscriptions, dining out, impulse purchases), (4) Consider a side income even temporarily, (5) Use a high-interest savings account (5%+ in 2025), (6) Gradually increase your savings rate by 1–2% each month until you hit 20%. Small consistent steps compound significantly over time.
What is a good emergency fund in Australia?
A good emergency fund covers 3–6 months of essential expenses. For most Australians, this means $12,000–$30,000 depending on your monthly costs. Essential expenses include rent/mortgage, utilities, food, insurance, transport, and minimum debt repayments — not discretionary spending. Keep your emergency fund in a high-interest savings account (not invested) for quick access. Singles and contractors should aim for the higher end (6 months), while dual-income households with stable jobs may be comfortable with 3 months.

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

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