20% of Aussies save $100-$500 per month, while 10% save nothing, survey shows

Around 1 in 5 diligent Australians (20%) successfully save between $101 and $500 per month, according to a new survey by digital subscription service, Readly. 

Perhaps more notable however is that 1 in 10 (11%) do not save any money at all.

Meanwhile, slightly under half of Aussies plan their own monthly budgets, though 1 in 5 prefer to do it with their significant other or another person living in their household.

Interestingly, 1 in 5 claim they don’t need a budget at all. This is particularly prevalent amongst those over 60, with just under a third living a budget-free lifestyle.

On the other end of the spectrum, Aussies of peak child-raising age are the most likely to map out their finances in a spreadsheet, the Readly survey showed. 

57% of those aged 30-39 say they plan their own monthly budget.

Younger Aussies not on the money as much?

When it comes to everyday money management such as paying for food, bills, and day-to-day activities, young Aussies were the least likely to say they were personally responsible for managing money. 

Specifically, 41% of those between 18-29 were directly responsible for paying for daily necessities, well below the national average of 59%. 

Readly's head of content, Chris Couchman says all of the results highlight the importance of financial literacy in navigating the rising cost of living, especially for women and young Australians who are much more vulnerable to financial hardship. 

Inflation and high costs weighing on most Aussies

Financial challenges are widespread, though. The survey of over 1,000 Australians found that 8 in 10 Australians (84%) have had their monthly budgets affected by inflation and the rising cost of living, and women across all age groups were more sensitive to the high price of living.

Thankfully having sharper money skills is on the minds of many Aussies.

“Despite the challenges of the current cost of living, the survey shows that a substantial number of Australians are taking steps to improve their financial literacy,” said Couchman. “And it’s fortunate that there happens to be a number of talented female finance journalists and female-centred finance publications to help kickstart women’s personal finance learning journey.”

How the right savings account can improve your saving

At Mozo, we help all comers with how to better manage their finances and one way to do this is to show the advantages of choosing a good savings account. Our experts review the market and handpick some of the best available savings products to make the task that much easier for you. 

For example, right now Rabobank offers 5.75% p.a. (maximum rate) on its High Interest Savings Account, Macquarie Bank offers 5.50% p.a. (maximum rate) on its Savings Account and Bendigo Bank offers 5.25% p.a. (maximum rate) on its Reward Saver. Always keep in mind that a range of conditions need to be met on most savings accounts in order to receive the maximum interest rate, and that some rates are short term only. 

Start your savings journey by comparing the interest rates and conditions on our High Interest Savings Account hub page or with a few of the top savers listed below.