An Australian Gen Z student has sparked the debate by asking ‘how much everyone has in their savings?’.
Aili, who is studying biomedical sciences in Melbourne, explained in the TikTok video that she wanted to know if she is ‘on track’ financially.
“I’m 19, turning 20, and I have no idea. From what I’ve heard, some of my friends have over $20,000 and others literally have $40 to their names,” she said.
‘All I want to know is what the average is, because I want to know if I’m on the right track. And obviously no one is going to say, ‘I have 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 inundated with replies and advice – with some bragging about having up to $200,000, while others revealed they only had a few hundred dollars.
Aili, who studies biomedical sciences in Melbourne, explained in the TikTok video that she wanted to know if she is ‘on track’ financially
“I didn’t think people would volunteer that information, but I do think it was very helpful and I really like how open some people were,” the part-time health care worker said.
‘The best advice I got was not to worry about it too much… and not to aim for a certain number.
“Instead, saving three to six months of living expenses is what someone said and I thought that was a good approach.”
She said nights out on the town make it difficult to save money, with drinks costing about $15 to $20 in Melbourne.
“I have some friends who work all week so they can spend their Saturday nights – all their money is spent on that,” she said.
“Maybe they’re not making the best choices.”
According to research from the comparison website, the average Australian will have saved $35,166 in cash by 2024.
“Baby boomers saved an average of $55,414, compared to $43,510 for Generation X, $26,632 for Millennials and $11,939 for Generation Z,” the report said.
The average Australian will have $35,166 in cash saved by 2024, according to research from the comparison website