Ex Woolworths worker reveals staggering six-figure savings: 'Dude killed it'

A 26-year-old looking to buy his first home has shared exactly how much money he has in his bank account. More Aussies are openly sharing details of their finances online and it can come as a surprise to see how much, or how little, people have in savings.

After being stopped in the street, the Sydney man shared he had about $350,000 in his bank account. He said living at home and starting work early were the key reasons he was able to save up the hefty amount.

“My mum got me in a job when I was 14 at Woolies and I’ve been working ever since. I don’t really have too much in terms of expenses,” he told property app Coposit.

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When asked what “sacrifices” he was making to save money, he said living at home was a major factor.

“Still living at home. Not moving out as much as I’d like to. Staying at home and cutting that rent cost,” he said.

“I don’t own my own car, I pretty much bus it everywhere. But other than that, I’ve got a pretty good life at home to be honest.”

For other Aussies hoping to build up their savings, the 26-year-old recommended starting on your goals early.

“For anybody younger, I’d say start working early and start saving earlier. As well as, money makes money so the earlier you start, the more you have later on down the track,” he said. “Stay at home and cut those expenses if you can.”

The Aussie shared his brother, who is 30, recently bought his second property. He said this had inspired him to start looking at buying his own place.

“I’ve got all this money sitting around doing nothing,” he said.

“I’m a pretty risk averse kind of person. I wouldn’t really invest in shares or things like that so it was just sitting in a bank account earning 4 per cent.”

Do you have a savings story to share? Contact tamika.seeto@yahooinc.com

‘Very impressive’: Aussies weigh in

A number of Aussies were impressed with the 26-year-old’s savings, with many congratulating him and saying they would live at home to save if they could.

“Very impressive, good on him. Very fortunate he has the ability to live at home and be able save - I absolutely would’ve done the same if I was able to,” one said.

“Living at your parents house is not a loss it’s a privilege,” another said.

Others shared their own savings.

“This dude killed it - I’m in about the same position as him but spent 100k on a car and 120k on a house deposit, the rest is in shares. I now only have 2k in my savings my credit card keeps me afloat,” one said.

“I had $150k at 26 and living out of home, travelling around Australia in a car I’ve paid off with the bare minimum not even working 12 months a year. Just bought a house cash so back to 10k,” another said.

Millions of Aussies have less than $1,000 in savings

The average Aussie has $37,915 in savings, according to Finder data.

Men have more savings than women, with an average of $47,398 in savings compared to $27,492 for women.

Savings also vary greatly depending on age, with Gen X having the most in savings at $57,794, while Gen Z had the least at $28,372.

It’s important to note these are just averages and can be skewed by particularly high balances. Finder also found 40 per cent of Aussies had less than $1,000 in savings with many people’s emergency funds taking a hit in the last 12 months.

“It’s been a very tough year for Australians, with many households exhausting their funds as they struggle to deal with the higher cost of living,” Finder personal finance expert Sarah Megginson said.

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