With the average Australian salary now standing at around $52,000, the research revealed that Aussies would need to earn more than six times that to “feel rich”.
The research found men ($347,395) would need to earn roughly $20,000 more than women ($326,929) to consider themselves affluent.
Finder data shows the average Aussie saved $645 per month in 2022 and has $30,745 in cash savings.
Despite a higher average, Finder data also shows that two in three (62 per cent) Aussies have less than $5,000 in savings.
Sarah Megginson, money expert at Finder, said constant craving for more money could be a slippery slope.
“A small number of high-income earners can make average income figures seem impressive, but remember the typical Australian is on a salary of just over $50k,” she said.
The research found Gen Z needs the most money to feel rich, at around $428,474, compared to $345,785 for Millennials.
Gen X needs the least of the generations to feel wealthy ($294,705), compared to $306,505 for Baby Boomers.
In 2021, a study revealed how much Australians were making on average, and perhaps unsurprisingly, workers over the age of 45 earned the most.
Workers aged between 45 and 54 brought in the highest salaries per year, at an average of $80,298, according to a study released by Instant Offices.
Australians aged between 35 and 44 came in at a close second, taking home $78,192 a year.
Teenagers, to no one’s surprise, raked in the lowest wages, at just $19,952 annually.
Aussies in their 20s made $58,3635 a year, on average.
