A Gen Z Aussie student has sparked debate by asking ‘how much everyone has in their savings?’.
Aili, who studies biomedical science in Melbourne, explained in the TikTok clip that she wanted to find out if she is ‘on track’ financially.
‘I am 19 turning 20, and I have no idea. From what I have heard, some of my friends have got over $20,000 and others have literally $40 to their name,’ she said.
‘All I want to know is what the average is because I want to know if I am on track. And obviously no one is going to go around saying ‘I’ve got this much’ but I just want an indication. Does anyone know where we should be?’
Aili told Daily Mail Australia that shortly after her post, she was flooded with replies and advice – with some boasting of having up to $200,000 and others revealing they only have a few hundreds buck.
‘I didn’t think people would volunteer that information but I do think it was really helpful and I really like how open some people were,’ the part-time healthcare worker said.
‘The best advice I got was not to be too worried about it… and to not aim for a particular number.
‘Instead, saving 3-6 months worth of living expenses is what someone said and I thought that was a good kind of approach.’
She said that nights out on the town make it difficult to save money with drinks in Melbourne costing about $15 to $20.
‘I’ve got some friends who work through the week so that they can have their Saturday nights out – all of their money is put towards that,’ she said.
‘They may not be making the best choices.’
According to research by the comparison website finder, the average Australian has $35,166 in cash savings in 2024.
‘Baby boomers have $55,414 saved on average, compared to $43,510 for gen X, $26,632 for millennials and $11,939 for gen Z,’ the report said.
