Ever wondered how your savings compare to others? New research shows Aussie bank balances are getting bigger but our saving habits could still improve.
Ever wondered how your savings compare to others? New research shows Aussie bank balances are getting bigger but our saving habits could still improve.

How much the average person has in the bank

Aussie bank balances have ballooned in recent months and the average adult has nearly $8000 more in savings than they did in July.

Research from comparison site Finder.com.au showed Aussies now have an average of just under $33,000 squirrelled away in cash savings - more than before the COVID-19 crisis started and well above the nearly $25,000 they had in the bank back in July.

The average amount Aussies are putting away each month has also risen, going from $723 in September to $908 in December.

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The research was pulled from Finder's consumer sentiment tracker, which polled over 20,000 Aussies over the past 20 months.

It suggests the increased time people are staying at home during the pandemic has helped to moderate their spending habits.

The average Aussie has about $33,000 in cash savings.
The average Aussie has about $33,000 in cash savings.

International and state border closures have also meant most households' travel and holiday expenditure has dropped.

Realestate.com.au chief economist Nerida Conisbee said better savings habits may have bolstered the housing market too, as savings often get channelled into deposits for home purchases.

"Many families have little else to spend their money on," she said. "The money they would have spent is going into real estate."

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But while our savings may be up, few Aussies admitted to having a proper savings plan and could potentially be saving more each month.

Additional Finder polling showed close to two in five Aussies labelled themselves "spenders" who believe in retail therapy and splurging on impulse buys.

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Nearly one in 10 Aussies were not making a conscious effort to save money each week because they believed they would be earning money in the future.

Finder personal finance expert Kate Browne said Aussies should consider how they manage their money and explore ways to change bad habits.

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"At some point in your life, you may have experienced an event which now controls your mindset concerning your finances," she said. "That mindset can mean you're afraid to spend money or you spend it the minute it hits your bank account."

Originally published as How much the average person has in the bank