Australian men in their 30s have revealed exactly how much money they have in their savings accounts – and it’s far less than experts think they need.
According to a viral video showing six randomly selected men on the streets of Sydney, the average man of that age carries between $7,000 and $11,000.
However, one man admitted to having no savings, while another had about $50,000.
The video, made by Coposit_Street, generated thousands of comments, with many people shocked by the lack of savings of others.
One man thought it was “crazy” that by age 30 he had saved less than $100,000.
Another man, who was only 25, said that it is certainly realistic to save more if you are careful with your finances. He claimed that he had already put aside $30,000.
Others were less shocked and indicated that their own savings are in the same order of magnitude.
But according to the economy experts On finder.com, a man in his early 30s would need to set aside nearly $20,000, about double the average amount for the men in the viral video.
One man thought it was “crazy” to have saved less than $100,000 by age 30
Commenters on the viral video argued that a healthy savings account is not a reality for many Australians, especially during the cost of living crisis.
A recent Westpac survey found that the answers in the video match the median savings for people in their 20s and 30s: $8,000.
The average savings for people aged 35 to 45 rose to nearly $1,200, while the median savings were slightly higher at $11,000 and $20,000, respectively.
People struggling to survive in the current cost of living crisis say a truly healthy savings account is an unrealistic goal.
They said that people who claimed there were no excuses when it came to saving were not being realistic about inflation.
“I saved $20,000 in three years before Covid, but the cost of living has skyrocketed since then,” one man said.
“Bills and grocery bills have doubled and rent has quadrupled. It’s getting harder and harder to save,” he added.
Some also claimed that those who had saved more did not mention whether they received help from their parents.
People who didn’t spend money on rent had a huge advantage when it came to prioritizing saving.
Others said that savings are not a good indication of wealth at all.
Men who had invested their money said that assets should also be taken into account.