Australian men in their 30s and 40s have revealed exactly how much money they have saved – and it’s far less than experts suggest they need.
According to a viral video featuring six randomly selected men on a Sydney street, the average man of that age has between $7,000 and $11,000 stashed away.
However, one man admitted to having no savings and another had around $50,000.
The video, by Coposit_Street, attracted thousands of responses, with many people shocked by the lack of savings of others.
One man thought it was crazy to have less than $100,000 saved by the time he turned thirty.
Another man, just 25, said it’s definitely realistic to save more if you’re careful with your finances: he said he already had $30,000 saved.
Others were less surprised, revealing that their own savings were in the same range.
But according to the economy experts On finder.com, a man in his 30s is expected to have nearly $20,000 in reserve, roughly double the average man in the viral video.
A man thought it was “crazy” to have less than $100,000 saved by age 30
Commenters on the viral video argued that a healthy savings account is not a reality for many Australians, especially during the cost of living crisis.
Although a recent study by Westpac mirrors the answers given in the video and found that the average savings for people aged between 20 and 30 is $8,000.
The average savings for people in the 35-45 age group rose to almost $1,200, while the median savings were slightly higher at $11,000 and $20,000 respectively.
Those struggling to survive amid the cost of living crisis said a truly healthy savings account was an unrealistic goal.
They said people who said there were no excuses when it came to saving were unrealistic about inflation.
“I saved $20,000 before Covid in three years, but the cost of living has skyrocketed since then,” said one man.
“Bills and food have doubled and rent has quadrupled, making it harder and harder to save,” she added.
Some also argued that those who had saved more did not disclose whether they had received help from their parents or not.
People who did not spend money on rent had a huge advantage when it came to prioritizing savings.
Others said savings were not even an accurate indication of wealth.
The men who had invested their money said that assets should also be taken into account.