In a country as prosperous as Australia, it's easy to assume everyone is riding the wave of economic success. However, a recent social media series has peeled back the curtain to reveal a stark reality: the wealth divide in Australia is more pronounced than many might think.


An 84-year-old man's revelation of his $2.3 million in savings has become a lightning rod for discussions about wealth inequality. The property app Copoist, which helps Aussies save for their home deposit while their property is being built, initiated a series of asking people about their savings. The responses were eye-opening.


The elderly gentleman, who chose not to disclose the methods behind his financial success, simply stated he had $2.3 million. This figure alone is staggering, but it doesn't account for any property or assets he may own, which could push his net worth even higher. Online reactions ranged from disbelief to envy, with comments like 'This is crazy! Who has the means to save?' and 'Must be nice.'


But what's more telling is the contrast between his savings and those of others, particularly women, who participated in the series. A 73-year-old woman reported over $100,000 in savings, a 75-year-old had over $70,000, and a 64-year-old had $61,000. Meanwhile, a 51-year-old man had over $500,000, and another 75-year-old man boasted $2 million. The disparity in savings between genders sparked a significant conversation, with many pointing out the apparent gap: 'How come men have millions and women cannot even have half a million? Mind-blowing.'

Financial comparison website Finder corroborates this divide, reporting that as of December 2024, the average Australian had $40,000 in savings, but a staggering 43 per cent of people had less than $1,000 to their name. Men generally saved more money than women, with the average Aussie woman having $42,664 in cash savings compared to $50,479 for men. Monthly savings also differed, with women saving an average of $617 compared to men's $854.

The Finder's Equal Pay Day Report 2024 highlights the hurdles women face in achieving financial parity, including taking time off for childbirth (23 per cent), opting for flexible jobs to care for family (20 per cent) and the industries or careers they are in (17 per cent).


A money expert, Rebecca Pike emphasises that financial security is still part of the Australian dream and that education is the key to achieving it. She advises that understanding personal finance basics, such as budgeting, tracking spending, and saving effectively, is essential. Pike also suggests that growing money doesn't always require complex strategies or significant capital; simple, consistent habits can make a significant difference over time.

Pike recommends being proactive about money habits and not settling for low-interest savings accounts for those working towards retirement savings. Comparing savings accounts for the best interest rates while being mindful of any fees and balance limits is crucial.

The 84-year-old's admission has prompted others to share their savings stories, many of which are less rosy. From a twenty-something with only debt to a 32-year-old owing money and an 18-year-old with just $4 to their name, it's clear that the wealth gap is not just a statistic but a daily reality for many Australians.


As members of the Seniors Discount Club, it's important to reflect on our financial health and the broader economic landscape affecting our community. Whether you're comfortably retired or still planning for the future, understanding the wealth divide can inform our choices and the advice we pass on to younger generations.


We invite you to share your thoughts and experiences with savings and retirement planning. How do you feel about the wealth divide in Australia? What strategies have you found effective in managing your finances? Your insights could be invaluable to fellow members navigating their financial journeys.