We asked Gen Z women how much they have in savings. Here's what they said.
We asked Gen Z women how much they have in savings. Here's what they said.
Money, money, money. It causes us stress, and it's the thing most couples fight about. While as the saying goes, money can't buy happiness, it can definitely bring a bit of sweet relief in this current cost of living crisis.
From higher house prices to growing education costs, Gen Z in particular are suffering in this tricky financial market.
It's extremely challenging to build a strong financial foundation and savings when starting with little.
Young people are also staying longer at home, the Australian Institute of Family Studies finding 43 per cent of 20 to 24 year olds are living with their parents. A recent Finder survey revealed that 2.6 million people have moved back into their family home, or have had an adult child move back in with them in the past 12 months.
Watch: 5 money lessons your parents told you, that you should probably forget. Post continues below.
Video via Mamamia.
This week Mamamia surveyed a bunch of Australian Gen Z women between the ages of 18 and 27 to get a more realistic picture of where they are sitting financially.
We asked these women who work outside of the home how much they have in their savings account right this very second, and they shared. We also asked how much they are earning and what their savings goals look like.
Here's what some had to say:
How much money do you have in savings?
A 24-year-old marketing manager working full-time in retail earning $80,000 per year, currently has $28,000 sitting in her savings. She has $1500 in stocks, EFTs specifically, and doesn't have a set amount to add to her savings each month. She is in a relationship and owns an apartment with a mortgage alongside her partner.
"All our money goes into our offset. Whatever is leftover after the mortgage and bills is then saved. We're in a fairly comfortable position but the cost of living is so high that it feels impossible to move forward at the moment. Our savings haven't grown much this year, we're just able to keep it at the same amount," she tells Mamamia.
A 27-year-old data analyst working full-time facilities management earning $86,000 per year, currently has $6000 sitting in her savings. She has $4000 in stocks, and aims to add $700 to her savings each month. She is in a relationship and renting, telling Mamamia her financial situation right now makes her feel "super stressed", adding "I don't have any savings goals right now, just trying to get by."
A 21-year-old student working part-time in healthcare earning $20,000 per year, currently has $14,000 sitting in her savings. She has some money in stocks, though it's not performing well at the moment, and aims to add $1000 to her savings each month. She is single and and lives at home with her parents.
"I want to save enough to hopefully cover a down payment for an investment property Things could be worse, but definitely could be better! I'm lucky that my parents haven't kicked me out yet. I do contribute to household bills as we aren't able to fully afford the mortgage on both my parents' incomes," she tells Mamamia.
A 23-year-old teacher working full-time in education earning $85,000 per year, currently has $2000 sitting in her savings. She has no money in stocks and isn't adding to her savings at the moment. She is in a relationship and rents with housemates.
"After returning from an overseas trip I haven't been able to find my footing again and haven't been able to save. I spend so much on my day-to-day life and feel insecure when hearing other people my age talk about saving for house deposits," she notes.
A 27-year-old project engineer working full-time marine engineering earning $125,000 per year, currently has $41,000 sitting in her savings. She has $9000 in stocks, and aims to add $500 per month to her savings. She is single and lives by herself in a home she owns with a mortgage.
She says: "I'm feeling good about my financial situation. It's good now that I have a new job with a lot better pay."
A 19-year-old student who works part-time as a sports coach earning $45,000 per year, currently has $2000 sitting in her savings. She has $300 in stocks (adding that she's just starting reading She's On The Money), and isn't adding to her savings at the moment. She is single and living with her parents.
"I want to save up for travel ideally. Saving for a house or whatever just isn't realistic, it feels out of reach. I'm more just enjoying life," she explains. "I wish I'd learned more about money at school. I feel like my spending needs to be sorted out."
A 25-year-old marketing advisor working full-time in the public sector earning $108,000 per year, currently has $0 sitting in her savings, but $5000 in joint savings with her partner. She has no money in stocks, and isn't adding to her savings right now. She is in a relationship and she and her partner rent an apartment from her parents. She tells Mamamia her focus is clearing her debt, including $40,000 in HECS and $12,000 in credit card debt.
"My first priority is to clear my credit card debt and focus on my joint savings with my partner to try and buy a house in the next couple of years. I don't feel great, but I'm grateful for my partner who is very supportive and helps a lot with teaching me how to manage my finances."
A 26-year-old communications manager working full-time in media earning $78,000 per year, currently has $180,000 sitting in her savings. She has $1500 in stocks, and aims to add $3000 to her savings every month. She is in a relationship and lives at home with her parents and siblings.
"I'm hoping to buy my first property in the near future. I am aiming for a studio or small apartment, but I know I'll need a sizeable deposit to offset my smaller income, especially as I would be buying as a single person (without my partner). I also just hope to one day be financially stable enough to not have to stress about money and buy 'nice' groceries every now and then."
A 21-year-old retail assistant working casual hours in the fashion industry earning $35,000 per year, currently has $10,000 sitting in her savings. She has $500 in stocks, and aims to add $200 to her savings each month. She is single and lives at home with her parents, saying her living arrangement "helps with expenses a lot".
"I know I need to get a full-time job soon now that I've just finished uni. Ideally it will be a job relevant to the degree I studied (science) but in the meantime I have enough pocket money to get me by. I just couldn't afford to move out, even though I'd like to. I want to save up for a big European holiday. I've never been before and always dreamed of it. Hoping by the end of the year I'll have enough to go overseas and come back and not be completely broke.
A 25-year-old operational specialist in pharmaceutical manufacturing earning $78,200 per year, currently has $4000 sitting in her savings. She has $3000 in stocks, and aims to add a few hundred dollars to her savings each month. She is in a relationship and renting, telling Mamamia her savings goal at the moment is to have a $10,000 emergency fund.
"I feel stressed. I don't have much reserve if any major expenses come up out of the blue. I need to fund a trip to overseas for a conference and I just moved to a new apartment which has required using a lot of savings. My partner is on a lower income so I'm paying for a lot and he's repaying me slowly," she says.
A 24-year-old graduate lawyer working full-time in the legal industry earning $90,000 per year, currently has $30,000 sitting in her savings. She has no money in stocks, and aims to add $4000 to her savings per month, telling Mamamia she is "super stringent on saving and relying on tuna and rice for lunches". She is in a relationship and rents with housemates.
"I want to save more for a deposit with my long-term boyfriend and I. We want to move out to a place we own, and it will take us another two years approximately to have the funds to do that comfortably. I feel good about my capacity to save, but frustrated with the things I can't control like the housing market, cost of living and my rent being increased."
Feature Image: Canva/Mamamia.