Some Baby Boomers shared they had millions of dollars in savings, while others had less. · Source: TikTok/@coposit_street
Baby Boomers have candidly revealed how much money they have in the bank and it’s come as a rude awakening to some Aussies. Property app Coposit has gone viral for its social media series where it asks Aussies to share how much they have in savings.
The Sydney-based platform recently shared a compilation showing what Aussies in older generations have in savings, revealing a big variety of answers. One 68-year-old man, for instance, shared he had a whopping $4 million in savings.
The man shared that he was now retired but had previously worked as an accountant and had built his wealth through building speculating, which is the process of building or renovating a property without a pre-committed buyer.
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He shared he had his savings kept in his super fund, along with outside of super, and thought other people his age would have similar amounts as him.
“I think people around my [age] like Baby Boomers, later Baby Boomers, are reasonably comfortable and I think a lot of people would be similar to me, some more, some less, but around about the same,” he said.
Another 73-year-old man shared he had over $5 million in savings after running his own water treatment business, while a 66-year-old American electrical engineering professor shared he had “a couple of million”.
But these amounts are not typical of all Baby Boomers.
The app also heard from a 72-year-old who shared he had $1,200 in savings, which viewers found more relatable, and was saving up for a five-week trip to Vietnam.
He shared that he previously did security work, which “paid the bills”. He said he was no longer in the property market.
“When I bought my first house, I paid $9,000 deposit on a $39,000 house. You can’t do that these days,” he said.
One Aussie shared he had $1,200, which many people found relatable, while another said she had $40,000, which is closer to the average. · Source: TikTok/@coposit_street
Another 64-year-old shared she had $40,000 in savings, which is closer to the average amount for her age group.
She shared that she had previously worked for the Gold Coast hospital doing admin and rostering.
She said buying property at the right time had helped her grow her wealth and she had now paid off the mortgage on a subsequent house.
“We did have a unit that we managed to buy earlier on in the piece, you wouldn’t be able to get them now. But it was at a cheap price and we sold it at a high price because we watched the market,” she said.
“We paid the rest of the house off with that and had enough money to put into my super. You play the market and you play the money game.”
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