New research has revealed millions of Australians would feel financially stressed by an unexpected expense.
Comparison website Finder’s Consumer Sentiment Tracker found 43 per cent of respondents, equivalent to 9.2 million people, have less than $1000 in savings.
For those with less than $1000 on hand, the average bank balance is $215.
This is a slight improvement on Finder figures released in 2024, which revealed Australians in this group had $210 saved up.
Meanwhile 18 per cent of people, equivalent to 4.3 million, had nothing to fall back on.
This is creating financial stress, with three-in-four of respondents sharing they are feeling concerned about their current financial situation and more than half say they are living paycheck to paycheck.
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In contrast, the research also found the average Australian has $43,007 in the bank.
Finder money expert Richard Whitten said Australians should aim to have three months of earnings saved.
“Find what savings you can create in your everyday expenses,” Whitten said
“$50 shaved off your monthly health insurance bill could equate to an extra $600 by the end of the year.”
Whitten is encouraging people to find ways to increase their earnings to get closer to their savings goals.
“A high-interest savings account can help grow your balance faster by offering better returns than a standard transaction account,” he said.
“A recurring investment of $150 a month into a high interest savings account paying five per cent interest would amount to $5813 in three years.”
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