Money is on everyone's minds right now.
Especially Millennials who are facing a range of new financial pressures, from higher house prices to growing education costs.
On top of that, they're the generation who have been told they could afford to buy a home actually — if only they stopped buying smashed avocado on toast. It's a lot on their shoulders.
According to new data from ABC, today's 30 to 34-year-olds are the first generation in more than 47 years where most don't own a house. The average 2023 loan is over eight times what a 34-year-old earns yearly. Plus, the cost of loans, cost of living and house prices are higher, but wage growth isn't matching up.
Watch: 5 money lessons your parents told you, that you should probably forget. Post continues below.
Pointing out these facts isn't about bringing the mood down. Rather, it's about letting young women know that this is a universal experience. It's okay to feel a bit sh*t about finances when comparing yourself to your parents when they were a similar age.
This week Mamamia surveyed over 350 Australian Millennial women between the ages of 28 and 43 to get a more realistic picture.
We asked these women who work outside of the home how much they have in their savings account right this very second, and they shared. We also asked how much they are earning and what their savings goals look like.
Here's what some had to say.
How much money do you have in savings?
A 35-year-old detective working full-time in the policing industry earning $123,000 per year, currently has $835 sitting in her savings. She has zero in stocks and isn't adding to her savings at the moment. She is married and owns her own home with a mortgage.
A 33-year-old teacher working full-time in the education sector earning $115,000 per year, currently has $9000 sitting in her savings. She has money in stocks, and aims to add $2000 into her savings each month. She is in a relationship and lives in her own home.
A 28-year-old PR account manager working full-time in public relations and travel earning $95,000 per year, currently has $50,000 sitting in her savings. She has zero in stocks, and aims to add $1500 into her savings each month. She is in a relationship and owns her own home with a mortgage.
A 41-year-old communications and corporate affairs manager working full-time in the mining industry earning $194,000 per year, currently has $75,000 sitting in her savings. She has money in stocks, and aims to add $8000 into her savings each month. She is married and lives in her own home.
A 34-year-old public servant working full-time in the public housing sector earning $106,000 per year, currently has $8000 sitting in her savings. She has zero in stocks, and aims to add $1000 into her savings each month. She is single and owns her own home with a mortgage.
A 31-year-old interior architect working part-time in the construction and architecture industry earning $42,000 per year, currently has $38,000 sitting in her savings. She has some money in stocks, and aims to add $1000 into her savings each month. She is married, has two daughters and they are currently renting while they renovate the house they own with a mortgage.
A 32-year-old has three jobs — being a performer in showbusiness, plus a sound engineer and audio producer in the media industry. She earns $120,000 in total per year, and she currently has $15,000 sitting in her savings. She has zero in stocks and aims to add $500 into her savings each month. She is married and she and her husband live together three days a week at their home.
A 41-year-old case manager working part-time in the disability sector earning $79,000 per year, currently has $4000 sitting in her savings. She has zero in stocks, and aims to add $600 into her savings each month. She is single, renting, and lives with her only child.
A 29-year-old sales manager working full-time in the media industry and earning $85,000 per year, currently has $2000 sitting in her savings. She has zero in stocks, and aims to add $600 into her savings each month though cost of living has proven a challenge for this. She is in a relationship and renting.
A 31-year-old barrister working full-time in law earning $300,000 per year, currently has $355,000 sitting in her savings. She has $8000 in stocks, and hasn't considered consciously what she aims to add into her savings each month. She is in a relationship and lives in her own home.
A 34-year-old clinical coder working full-time in health industry earning $73,000 per year, currently has $750 sitting in her savings. She has zero in stocks, and aims to add $100 into her savings each month. She is married and owns her own home with a mortgage.
A 33-year-old design and digital communications officer working full-time in the education sector earning $82,000 per year, currently has $15,000 sitting in her savings. She has $5000 in stocks, and aims to add $500 into her savings each month. She is single and lives in her own home by her herself.
A 41-year-old procurement officer working in a consulting contract position for the Federal Government earning $210,000 per year, currently has $11,000 sitting in her savings. She has money in stocks, and aims to add between $1400 to $1600 into her savings each month. She is in a relationship and owns her own home with a mortgage.
A 33-year-old senior risk manager working full-time in the banking sector earning $150,000 per year, currently has $100,000 sitting in her savings. She has money in stocks, and aims to add $500 into her savings each month. She is in a relationship and owns her own home with a mortgage.
A 29-year-old executive director working full-time in the public service sector earning $172,400 per year, currently has $500,000 sitting in her savings. She has zero in stocks and doesn't have a set amount that she puts into her savings each month. She is in a relationship and owns her own home with a mortgage.
A 37-year-old events manager working part-time in the events industry earning $55,000 per year, currently has $300,000 sitting in her savings. She has money in stocks, and currently isn't adding anything to her savings each month, focused instead on paying off her mortgage. She is in a relationship and owns her own home with a mortgage.
A 40-year-old accountant working full-time in the travel industry earning $95,000 per year, currently has $55,000 sitting in her savings. She has money in stocks, and aims to add $2000 into her savings each month. She is single and owns her own home with a mortgage.
A 34-year-old church pastor working full-time in the Christian ministry earning $74,000 per year, currently has $4000 sitting in her savings. She has zero in stocks and isn't adding to her savings at the moment. She is single and currently renting in a share house.
A 38-year-old administration lead working part-time in the not-for-profit sector earning $67,000 per year, currently has $6000 sitting in her savings. She has money in stocks, and aims to add $600 into her savings each month. She is in a relationship and owns her own home with a mortgage.
A 32-year-old doctor working full-time in medicine earning $200,000 per year, currently has $100,000 sitting in her savings. She has $170,000 in stocks, and aims to add $5000 into her savings each month. She is married and lives in her own home.
A 35-year-old chief stewardess working full-time in the yachting industry earning $180,000 per year, currently has $150,000 sitting in her savings. She has zero in stocks, and aims to add $5,400 into her savings each month. She is single and lives in her own home by herself.
A 28-year-old teacher working full-time in the education sector earning $96,000 per year, currently has $15,000 sitting in her savings. She has $5000 in stocks, and aims to add $1000 into her savings each month. She is in a relationship and owns her own home with a mortgage.
A 40-year-old social media manager working in a contract position in the marketing industry earning $80,000 per year, currently has $500 sitting in her savings. She has zero in stocks, and isn't adding to her savings at the moment. She is married and renting.
A 33-year-old director of a childcare centre working full-time in the education sector earning $79,800 per year, currently has $28,000 sitting in her savings. She has zero in stocks, and isn't adding to her savings at the moment. She is in a relationship and owns her own home with a mortgage.
A 38-year-old lawyer working full-time earning $230,000 per year, currently has $500,000 sitting in her savings. She has $10,000 in stocks, and aims to add $4000 into her savings each month. She is married and owns her own home.
A 34-year-old production manager working full-time in the television industry earning $92,000 per year, currently has zero sitting in her savings. She has zero in stocks, and isn't adding to her savings at the moment. She is married and renting.
A 36-year-old travel consultant working part-time in retail travel sales earning $45,000 per year, currently has $370,000 sitting in her joint savings with her husband. She has money in stocks, and aims to add $300 into her savings each month. She is marries, has two children with another on the way and they own their own home.
A 34-year-old GP working in a contract position in the health industry earning $150,000 per year, currently has $100,000 sitting in her savings. She has money in stocks, and hasn't considered consciously what she aims to add into her savings each month. She is married with two kids and owns her own home.
Feature Image: Canva.
