New research from Compare the Market has revealed that 15.3% of Australians have less than $100 in their savings account.* While it’s a worrying statistic, the figure is down 3.4% from the 18.7% who had less than $100 to their name in December 2024.

With inflation slowly returning to the RBA’s target range, it’s apparent that rising electricity prices, high insurance premiums and the cost of groceries are continuing to have a serious impact on savings accounts around the country.

Alarmingly, 8.3% of respondents in the June 2025 survey admitted they have no money to their name.

Compare the Market’s Chris Ford said that while there are signs that we may be emerging from the other side of the cost-of-living crisis, many Australians will continue to struggle for some time.

“Our latest results show that a significant number of Australians are struggling to save for a rainy day and could be living paycheque to paycheque, despite the tide slowly turning on the cost-of-living crisis,” Mr Ford said.

“It’s concerning that people may need to rely on credit cards, loans, Buy Now, Pay Later services or get themselves into debt for life’s unexpected emergencies. We know that these types of services tend to come with higher interest rates, which could quickly snowball into a bigger problem.

“But the reality is that $100 probably isn’t going to go far if a pet ends up at the emergency vet, if an appliance like a washing machine or fridge breaks down or a pipe bursts at home.”

Compare the Market’s data found:

• 26% of Australians haven’t been able to save as much as they usually do
• One in five (20.3%) say their savings are going backwards
• 6% are now in debt
• 8% say their existing debt is growing.

“These statistics indicate that we’re not completely out of the woods with the cost-of-living crisis yet and it could take some time for savings to get out of the red,” Mr Ford said.

“The key message is to seek out assistance as early as possible if you’re struggling to keep afloat or falling behind. Energy retailers, insurance companies, banks and utility providers can typically help in a variety of ways, ranging from payment extensions and plans to hardship programs, financial education or moving you to a more affordable offer.”

However, it’s not all bad news, with the findings showing that:

• almost a quarter (23.3%) have been able to save money consistently
• less than 10% (8.3%) are saving more money than before
• the average savings total among those surveyed was $22,728.31.

Mr Ford said that while Australians have become experts at stretching their dollar, there are other things they can do to potentially boost their savings.

1. Avoid the loyalty tax. Never stay loyal to one brand or retailer. Always do your research to see if a cheaper option is available and take advantage of any discounts or perks that are available.
2. Question rising prices and premiums. The next time you receive a notice informing you that your energy or insurance bills are increasing, examine it closely and never just accept the price hike. You may be able to compare and lock in a better deal with a different provider.
3. Use rewards to your advantage. Many energy retailers, insurance providers and major retailers offer loyalty programs, reward stores and other incentives to help keep more money in your pocket. You may need to activate offers before hitting the shops or sign in to take advantage of the offers available.
4. Take advantage of rebates and concessions. Students, concession card holders or seniors are typically entitled to rebates, discounts and concessions on a variety of goods and services. Always keep your insurance providers and energy retailers informed about your details.

*Survey of 1,013 Australian adults, conducted June 2025.

For more information, please contact:  

Phillip Portman | 0437 384 471 | [email protected]

Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, and home loans products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.