Savings by age

Savings by age: January 2025

Correct as at 22nd January 2025 for Westpac customers who hold a funded and active savings account.
 

Your account balances may not look like this. You may be in a different financial position and have different dreams and goals.

No matter what your position, saving (even a small amount) can help you get what you want out of life and help you to feel in control of your money.

Refresh your knowledge and skills by visiting our Master your money hub and our Get serious about saving page.

What’s the difference between average and median?

The average (or mean) is found by adding up all the numbers and dividing by how many numbers there are. But if there are very large or small numbers, it can give a misleading result.

The median is the middle value when the numbers are arranged from smallest to largest. It can sometimes be a better representation of the data than the average.

For under 17s

The under 17s age group have an average of $4,769 and a median of $1,135 in savings. These years can be crucial for building good money habits. To help get kids and teens learning about money and saving early, visit our Money Matters for Kids and Teens page.

For 18 to 24 year olds

For the 18 to 24 year olds age group, they have an average of $13,069 and a median of $2,410 in savings. This age group tends to save for property and travel, with some putting money aside to save for a rainy day. Taking advantage of the Westpac Savings Goals feature could help you achieve your goals sooner.

While planning out your life and goals could give you a better chance of achieving them, the universe sometimes has other ideas. Curve balls like your car breaking down or losing your job can wipe out savings. 

You might want to think about setting a savings target of 3 to 6 months of your regular expenses. 

For 25 to 44 year olds

• 25 to 29 year olds have an average of $19,165 and a median of $2,200 in savings
• 30 to 34 year olds have an average of $21,394 and a median of $1,104 in savings
• 35 to 44 year olds have an average of $29,769 and a median of $811 in savings.
  
  

Saving for a property is likely to be a common goal among this age group. They could be looking to buy their first home, renovate the home they have or find a bigger home to accommodate their changing lifestyle. 

If buying a property is high on your list, do your research. Talk to a home finance banker or seek information from our Home Loan Hub.

Whatever your life goals are at this stage, it pays to keep saving and learning.

For 45 to 54 year olds

For 45 to 54 year olds, they have an average of $52,836 and a median of $1,429 in savings.

Holidays and travel could be important for this age group, with many having already bought their first home. Finances may become a bit easier, and other goals such as overseas holidays might be front of mind. 

If you’re saving for travel, consider looking at our Travel & Holidays page.

For 55 to 64 year olds

55 to 64 year olds have an average of $87,891 and a median of $5,316 in savings.

Cautiousness may start to grow among this age group, as saving for retirement could become their main focus. This may be a case of 'older and wiser' having seen the amount of unplanned expenses life can throw at us.

Depending on where you’re at financially, you may be interested in Planning your finances for retirement.

For 65 to 74 year olds

For the 65 to 74 year old’s age group, they typically have an average of $101,004 and a median of $15,829 in savings.

Cautiousness prevails with savings for ‘just in case’. Holidays and travel may become less important for this age group's savings. The average balance has grown compared to 55 to 64 year olds.

For over 75s

For the over 75’s age group, they typically have an average of $130,597 and a median of $31,424 in savings.