In a world where we’re constantly told to squirrel away every spare dollar, the idea of living with no savings might sound downright terrifying—especially for those of us over 50 who’ve spent decades hearing that a healthy nest egg is the key to a secure retirement.
But one dad is challenging that narrative, and his refreshingly positive outlook is inspiring Australians of all ages to rethink what financial wellbeing really means.
At 56, this father of two adult children admits he has no savings to speak of. ‘I live from month to month, but I’m very, very pleased to do that. I’ve got no problems not having savings,’ he told property investment company Coposit. In a time when the cost-of-living crisis is biting hard—thanks to soaring inflation, rising interest rates, and eye-watering grocery and fuel prices—his attitude is a breath of fresh air.
He works in property services, a career he ‘fell into’ after failing his Year 12 exams. Despite a gruelling two-hour commute from Wollongong to Sydney each day, he says he loves his job and the tenants he looks after. ‘It’s not a burden… two hours from door to door, but you find hope in Audible.com books and good thoughts,’ he says.
When asked why so many people are obsessed with building up their savings, he offers a simple explanation: ‘They don’t have hope for tomorrow.’ For him, hope and a positive mindset are more important than a bulging bank account.
He credits his resilience to the support of his family—he lives with his wife, her sister, and his two adult children, all of whom pitch in to keep costs down.
‘You have to depend on friends and family, and eventually you find your way in life,’ he says. ‘Cost of living is fine… I’ve got a grown up couple of kids, and I live with extended family, and we all pitch in, and we’re doing okay.’
This dad’s story isn’t as unusual as it might seem. With rents skyrocketing and home ownership slipping further out of reach, more Australians—young and old—are embracing multigenerational living.
According to a recent Finder survey, more than one in 10 Australians (about 2.5 million people) have moved back in with parents or housemates in the past year. The top reasons? Soaring rents (30%), saving for a home deposit (30%), and caring responsibilities (23%).
For many, pooling resources with family is the only way to weather the current economic storm. And while it might not be everyone’s first choice, it’s a practical solution that’s helping thousands of households stay afloat.
If you’re feeling anxious about your own savings, you’re not alone. The average Australian has $33,345 in cash savings, according to Finder’s latest Consumer Sentiment Tracker.
But the numbers vary widely by age and gender—men have an average of $42,496, while women have $23,084. For Baby Boomers, the average is $48,374 followed by Gen X with $39,065, Millennials with $26,008, and Gen Z with $13,218.
But here’s the kicker: the median savings (the middle value, which gives a better sense of what most people actually have) is much lower.
For those aged 55 to 64, the median is just $5,316. And a recent Compare the Market survey found that one in five Australians has less than $100 in savings, with nearly 80% saying the rising cost of living has made it harder to save.
‘It’s quite a shock to see that so many Australians aren’t able to save or have so little in their savings account, but this is unfortunately a sign of the times,’ says Compare the Market’s Chris Ford. ‘Prices don’t necessarily go backwards when inflation slows down, and boosting your savings can feel like an uphill battle—particularly if you’re living paycheque to paycheque.’
For many over 50s, the idea of having little or no savings can be deeply unsettling. We’ve been taught that financial security means having a buffer for emergencies, a comfortable retirement, and the ability to help our kids or grandkids. But as this Sydney dad’s story shows, there’s more than one way to feel secure.
He’s found contentment in his work, joy in his family, and hope in the little things—like a good audiobook on a long commute. He’s not ignoring the realities of the cost-of-living crisis, but he’s choosing to focus on what he can control: his attitude, his relationships, and his day-to-day happiness.
Do you agree with this dad’s positive outlook, or does the idea of having no savings make you anxious? Have you or your family embraced multigenerational living to cope with rising costs? Share your story in the comments below.
Also read: Australia soon to be second in world for retirement savings as superannuation pool soars
