Aussie women talk about how much they’ve saved through the years
- Replies 4
Money matters are often considered private, but a recent social media post has sparked a candid conversation among Australian women about their savings.
The discussion has revealed a wide range of financial situations, from those struggling to save to those who have amassed significant nest eggs.
The conversation began when a 23-year-old woman shared her inadequacy about having only $4,000 in savings.
She also revealed that she had been a victim of financial abuse in a domestic violence relationship.
'If anyone is comfortable sharing, how old are you, and how much do you have in your savings?' the 23-year-old asked.
Her post prompted a flood of responses from women of all ages, sharing their savings stories with refreshing honesty.
A 31-year-old woman confessed to having zero dollars saved, admitting she had never been good at saving.
'I’ve never been able to save up more than a few hundred at a time. $4000 is a good amount so far, and you should be proud of yourself,' the 31-year-old said.
Another woman in her mid-thirties, a mother of five, revealed she was in significant debt with no savings.
On the other end of the spectrum, a 22-year-old woman shared that she had saved an impressive $82,000, although this was about to drop to $10,000 due to a house purchase.
When asked how she saved such a substantial amount at a young age, she credited her 'privileged' upbringing, parental support, and her job as a registered pharmacist.
Another woman, aged 25, had managed to save $75,000. She attributed her success to starting her savings journey at 17.
'I’ve been saving as much as possible since I was seventeen, and I’ve never had a relationship and no kids,' she shared.
Meanwhile, one woman shared she had saved up $75,000, owned two properties and is not even in her thirties.
'I was a broke gal in my early 20s, though. Growing savings takes time, and the economy is cooked, making it even harder,' she advised.
Another 23-year-old said she used to have $19,000 in savings, however, she had stopped working due to COVID-19, and her savings are now only at $1,050.
A 25-year-old woman shared that she had only started saving this year and managed to save $1,200.
'I beat myself up way too much over savings, especially being a parent with what feels like nothing to my name.'
'All I can say is be proud of what you have managed to save this far. Beats the $0 we had to our names previously.'
Speaking of savings, the average Australian had $38,728 saved in November, according to Finder’s Consumer Sentiment Tracker.
However, a significant gender gap exists, with men having more than double women's savings—$52,945 compared to $24,761.
Rebecca Pike, a finance expert at Finder, emphasised the importance of having a savings plan.
'The general rule is to set aside 50 per cent of your earnings towards essentials, 30 per cent towards discretionary spending, and the remaining 20 per cent towards savings,' she advised.
Pike also advised using a high-interest savings account to maximise savings.
'Stashing your money away in a high-interest savings account is a no-brainer—it’s free money. If you’re putting everything into one savings account and withdrawing as you need, you’re likely losing track of how much you spend and save.'
What about you, dear members? Are you comfortable sharing your savings journey? Let's continue this important conversation in the comments below.
The discussion has revealed a wide range of financial situations, from those struggling to save to those who have amassed significant nest eggs.
The conversation began when a 23-year-old woman shared her inadequacy about having only $4,000 in savings.
She also revealed that she had been a victim of financial abuse in a domestic violence relationship.
A woman started a candid conversation on savings on social media. Image source: jcomp on Freepik.
'If anyone is comfortable sharing, how old are you, and how much do you have in your savings?' the 23-year-old asked.
Her post prompted a flood of responses from women of all ages, sharing their savings stories with refreshing honesty.
A 31-year-old woman confessed to having zero dollars saved, admitting she had never been good at saving.
'I’ve never been able to save up more than a few hundred at a time. $4000 is a good amount so far, and you should be proud of yourself,' the 31-year-old said.
Another woman in her mid-thirties, a mother of five, revealed she was in significant debt with no savings.
On the other end of the spectrum, a 22-year-old woman shared that she had saved an impressive $82,000, although this was about to drop to $10,000 due to a house purchase.
When asked how she saved such a substantial amount at a young age, she credited her 'privileged' upbringing, parental support, and her job as a registered pharmacist.
Another woman, aged 25, had managed to save $75,000. She attributed her success to starting her savings journey at 17.
'I’ve been saving as much as possible since I was seventeen, and I’ve never had a relationship and no kids,' she shared.
Meanwhile, one woman shared she had saved up $75,000, owned two properties and is not even in her thirties.
'I was a broke gal in my early 20s, though. Growing savings takes time, and the economy is cooked, making it even harder,' she advised.
Another 23-year-old said she used to have $19,000 in savings, however, she had stopped working due to COVID-19, and her savings are now only at $1,050.
A 25-year-old woman shared that she had only started saving this year and managed to save $1,200.
'I beat myself up way too much over savings, especially being a parent with what feels like nothing to my name.'
'All I can say is be proud of what you have managed to save this far. Beats the $0 we had to our names previously.'
Speaking of savings, the average Australian had $38,728 saved in November, according to Finder’s Consumer Sentiment Tracker.
However, a significant gender gap exists, with men having more than double women's savings—$52,945 compared to $24,761.
Rebecca Pike, a finance expert at Finder, emphasised the importance of having a savings plan.
'The general rule is to set aside 50 per cent of your earnings towards essentials, 30 per cent towards discretionary spending, and the remaining 20 per cent towards savings,' she advised.
Pike also advised using a high-interest savings account to maximise savings.
'Stashing your money away in a high-interest savings account is a no-brainer—it’s free money. If you’re putting everything into one savings account and withdrawing as you need, you’re likely losing track of how much you spend and save.'
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