Aussie Savers Stumped by Tricky Question

• Australian lady boasts '$5 in her savings'
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An Australian young lady has opened up about her challenges in saving money during the continuing financial situation. cost of living crisis.

The young woman, who is 21 years old, spoke to an interviewer on the sidewalk and mentioned that she has a job as a receptionist but hasn’t managed to put away any savings, claiming she only has around five dollars set aside.

"As long as you continue working, you can somewhat keep up, but everything is currently quite costly," she stated.

'The largest remorse I'd have is not having saved sooner.'

After viewing the video, a viewer directly questioned, "Why is she so financially troubled?"

A different viewer chimed in, clarifying that entry-level receptionists typically receive quite low pay when they start their careers.

The woman didn’t disclose her precise earnings, however, the typical yearly pay for a receptionist generally hovers around $65,000.

According to Westpac data from January, Australians aged between 18 and 24 have an average savings balance of $13,069.

However, the median balance stands at only $2,410, suggesting that the mean might have been pulled higher due to a minority of individuals with substantial savings.

The Money.com.au data indicated that Australian families were finding it difficult to set aside significant savings.

The household savings rate showed that savings dropped from 24.1 percent in June 2020 to just 0.6 percent in June 2024.

The pressure has intensified following a report from Daily Mail Australia stating that an annual income of $100,000 – which remains unattainable for numerous young employees like receptionists – is now deemed insufficient due to increasing expenses.

In November, according to newly released data from the Australian Bureau of Statistics in February, the typical full-time wage was $102,742.

The most recent statistics show that mining engineers earned the highest average full-time salary of $161,808.

Retail employees generally earn $77,802, whereas those in the hospitality sector receive the lowest pay at $74,391.

The average salary for full-time employees has surpassed $100,000 in nearly half of all industries, and six-figure incomes have become standard in eight out of 17 sectors.

In mining ($161,808), telecommunications and media ($130,390), electricity, gas and waste management ($122,314), professional, scientific, and technical services ($120,630), finance and insurance ($119,090), public administration and safety for government workers ($107,557), education and training ($107,442), as well as health and social assistance sectors ($100,890), salaries surpassed six figures.

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