How much money does the average Aussie really have? Heres how your savings stack up against everyone else
A disturbing inequality has been revealed in new figures about how wealthy the average Aussie is when totalling up savings, shares, home equity and superannuation.
A disturbing inequality has been revealed in new figures about how wealthy the average Aussie is when totalling up savings, shares, home equity and superannuation.
In a Finder survey conducted in July, the average Aussie was reported to have about $36,298 in cash savings.
But when that figure was broken down on a gender basis it was discovered that while the average Aussie man has $50,479 in cash savings, the average Aussie woman has less than half that figure at $22,091.
On a monthly basis the survey found men out-saved women, the average male managing to put away $809 versus a womans $578.
A similar story was revealed for share holdings and superannuation assets.
Australian men have almost double the amount of money - $72,980 - invested in shares compared with that held by women at $38,123.
And while the survey found the balance of the average Aussies personal superannuation fund was $176,221, men reported an average figure of $240,613 compared with $113,359 for women.
The fact that on average men have more than double the amount of savings compared to women is a clear indication of deeper systemic inequalities, said Sarah Megginson, personal finance expert at Finder, who found the results alarming.
When the savings figure was broken down on a gender basis it was discovered that while the average Aussie man has $50,479 in cash savings, the average Aussie woman has less than half that figure at $22,091
It’s not that men are simply better savers, the disparity is more about the financial and social hurdles women are more likely to face throughout their lives.
One survey result indicated a more even split between the sexes - the value each holds in home ownership.
Home equity for men averaged $486,940 compared with $484,979 for women.
An earlier study by Finder, the Equal Pay Day Report launched in partnership with UN Women Australia, found 23 per cent of Australians, or about 4.8 million people. said they were not concerned about the gender pay gap in Australia.
The report also revealed 23 per cent of women said having a baby was detrimental to their earning capacity, compared with just six per cent of men.
Ms Megginson advised Aussie women to really engage in order to transform their finances.
Small but simple habits that you form now can make a huge difference, she said.
You could also consider making extra contributions to your super or have your partner make extra contributions into your fund if they’re the higher income earner.
Any action you take now will help set you up for the future.
On a monthly basis men out-saved women, the average male managing to put away $809 versus a womans $578
Earlier this year another survey by the financial products comparison group found almost one in two Australians had less than $1,000 in the bank during a cost of living crisis.
The sample survey of 3,214 Australians from January to March found 45 per cent of consumers had less than $1,000 saved.
The survey also showed one in five Australians, translating into 4.2million people, had nothing in the bank.
