Money Check — Am I Doing Well Financially?

A strong financial position depends on your age, but some universal benchmarks apply. You should be spending less than 30% of take-home pay on housing, have 3-6 months of expenses in an emergency fund, keep consumer debt-to-income below 20%, and be on track for a comfortable retirement via superannuation. The ABS Household Wealth survey shows median net worth rises from about $75,000 at age 25-34 to $700,000 by age 55-64. Use this Money Check to compare your situation against these age-specific benchmarks and get a personalised score.

By age 30, a solid savings target is at least 3-6 months of living expenses in an emergency fund — roughly $15,000-$25,000 for most Australians. The ABS median net worth for 25-34 year olds is approximately $75,000 (including super). In terms of super alone, you should have around $30,000-$60,000 depending on when you started working. If you're saving 15-20% of your take-home pay consistently, you're ahead of most Australians your age. This Money Check scores your savings rate and emergency fund against these benchmarks.

According to ABS data, the median Australian household net worth is approximately $580,000. However, this varies significantly by age: $75,000 for 25-34 year olds, $250,000 for 35-44 year olds, $500,000 for 45-54 year olds, and $700,000 for 55-64 year olds. Net worth includes your property equity, superannuation, savings and investments, minus all debts. Use this tool to calculate your current net worth and see how you compare to the median for your age group.

By age 40, you should aim for approximately $80,000-$120,000 in superannuation. The ABS median super balance for 35-44 year olds is around $80,000. To retire comfortably at 67 (ASFA standard of $690,000 for a single person), you'll need to ensure employer SG contributions of 12% are flowing consistently. If you're behind, salary sacrificing even 2-5% of your pre-tax salary can make a significant difference due to compound growth over 27 years. This Money Check projects your super to retirement age and shows any shortfall.

The ASFA Comfortable Retirement Standard suggests you need approximately $690,000 in super at retirement (age 67) for a single person, or $690,000 combined for a couple who own their home outright. The employer Superannuation Guarantee of 12% is a good foundation, but most Australians will need to top up with salary sacrifice or voluntary contributions to hit this target — especially if they started working later or had career breaks. This Money Check projects your super balance to retirement and tells you exactly where you stand against the ASFA benchmark.

A good savings rate is at least 20% of your take-home pay, following the 50/30/20 rule (50% needs, 30% wants, 20% savings). The national household savings ratio has fluctuated between 2-8% in recent years, so if you're saving 20% you're well ahead of average. At a minimum, aim to save enough to build a 3-6 month emergency fund, then direct excess savings toward super, investments, or a home deposit. This Money Check evaluates your savings rate and emergency fund coverage against these benchmarks.

According to the ASFA Retirement Standard (2024), a comfortable retirement requires approximately $690,000 in super for a single person or $690,000 for a couple at age 67, assuming you own your home outright. A comfortable retirement provides about $51,630 per year for a single or $72,663 for a couple — covering things like good food, private health insurance, domestic travel, and a reasonable car. If you don't own your home, you'll need significantly more. The Age Pension provides a safety net but only covers a 'modest' lifestyle of about $32,000/year for a single person.

$100,000 in savings is a strong position for most Australians. The ABS median savings (excluding super and property) for all households is well below this figure. For a 30-year-old, $100,000 in savings represents roughly 25 months of living expenses — well above the recommended 3-6 month emergency fund. However, once your emergency fund is covered, consider whether excess cash should be deployed into super (for the tax benefits), an investment portfolio, or a home deposit to maximise long-term wealth building rather than sitting in a savings account losing value to inflation.