The Finder Generation Game #1 – Saving
Welcome to Finder's Generation Game – a weekly series looking at how each generation compares when it comes to the big personal finance topics.
Fancy yourself a generation genius? See if you can predict which generation comes out on top with our interactive quizzes.
How much in the bank?
It's hardly the kind of thing you're going to ask on a first date but secretly may be dying to know – exactly how much money do we all have?
Submit your guess above.
The results
According to our research, 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.
No surprises there.
The simple fact is that boomers have had a lot more time to earn and save money. Time really is money as they say.
The super savers
What's more interesting is how much each generation saves on average each month.
The average Australian manages to save $689 each month – not bad in the midst of a cost of living crisis.
Submit your guess above.
The results
It turns out the younger you are, the more you save.
Gen Z lead the charge, with an impressive $793 saved on average each month.
Both gen X ($709) and millennials ($768) are also managing to save more than $700 a month, while boomers are only managing a measly $461.
Of course, a much higher percentage of boomers will be retired or working reduced hours, which explains the discrepancy.
No money, mo problems?
No-one has managed to escape the cost of living crunch over the last few years, but where has it left us in terms of financial security?
Submit your guess above.
The results
22% of Australians say they are extremely stressed about their current financial situation and a further 53% say they are somewhat stressed.
In generational terms, gen Z are the most stressed about money, with an alarming 93% saying they're either extremely or somewhat stressed about their finances.
No wonder they're trying to save like there's no tomorrow.
In comparison, 89% of millennials, 68% of gen X and only 49% of boomers said they were extremely or somewhat stressed, suggesting a direct correlation between how much you have saved and whether you're worried about your finances.
The T-word (it's tax)
It's the hot-button issue right now thanks to the Stage 3 tax cuts dominating the headlines, but what does each generation actually think about their tax obligations?
Submit your guess above.
