Home Australia A simple question exposes the sad reality of Australia: “I’m a little scared, honestly”

A simple question exposes the sad reality of Australia: “I’m a little scared, honestly”

0 comments
A 25-year-old woman (pictured) said she recently managed to save around $5,000 and wants to buy a house in Sydney.

Australians say they are struggling to save money amid the cost of living crisis, with one revealing he has just $19 in his bank account.

The Sydneysiders made the sad admission after property investment firm Coposit stopped them in the street over a TikTok video.

Residents were asked how much they had in their savings accounts and most said it was difficult to save due to food and rent prices.

A 25-year-old woman said she recently managed to save about $5,000.

The woman, originally from Perth, said she currently lives in a rented house but wants to buy a home in Sydney.

She fears she will never be able to own her own home because she will need to save at least $100,000 to pay a deposit.

“I’m actually a little scared because I don’t want to rent my whole life and I would love to own a property with my partner,” she said.

One man, who has $11,000 saved, also said he wants to buy a house but has put those plans on hold.

A 25-year-old woman (pictured) said she recently managed to save around $5,000 and wants to buy a house in Sydney.

The 30-year-old said he cannot afford to buy a house where he wants to live and said most of his friends are also experiencing the same problem.

The median home price in Sydney is just over $1.4 million, according to the latest figures from property website PropTrack.

A recent housing affordability survey ranked Sydney as the second least affordable city to buy a home in the world.

Another man, 52, who spent time behind bars, revealed he has only $19 saved and is struggling to pay for essentials.

“At one point, the price of food went from $150 a week… now it’s $300,” he said.

A 62-year-old tenant revealed he had ‘a couple of hundred thousand’ and had been saving to buy a house.

He said his living circumstances are different as many people his age have their own homes.

A 52-year-old man (pictured) who spent time behind bars revealed he has just $19 in savings and is struggling to pay for essentials.

A 52-year-old man (pictured) who spent time behind bars revealed he has just $19 in savings and is struggling to pay for essentials.

The average Australian has savings of $37,915 and the average full-time worker earns $98,218 according to figures from financial comparison website Finder.

Households earning more than $100,000 a year have more than twice as much saved as households earning less than $50,000.

Men have more saved than women on average, $47,398 compared to $27,492.

A consumer survey conducted in March found that nearly half of respondents had less than $1,000 in their bank account.

Average savings by age

Generation Z

Men: $28,372

Generation Y

Men: $34,134

Generation X

Men: $57,794

Baby Boomers

Men: $56,938

Generation Z

Women: $11,179

Generation Y

Women: $22,056

Generation X

Women: $39,793

Baby Boomers

Women: $49,949

You may also like