The Sydney worker had an inspiring outlook on the cost-of-living crisis. (Source: TikTok)
An Australian dad has left people inspired after sharing his outlook on the cost-of-living crisis. People have been pushed to their financial limits in the past few years due to soaring inflation, interest rates and rent prices, grocery costs, bills and utilities, fuel, and virtually everything else.
Despite this, a Sydney worker is choosing to look on the bright side of life. The 52-year-old said that while money is important, it shouldn’t be everything.
“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.
The bloke works in property services, which he fell into after failing his Year 12 exams.
He said he absolutely loves his job and his tenants, even though he has a massive commute to the office.
“We commute to Sydney every day from Wollongong,” he said.
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“It’s not a burden… two hours from door to door, but you find hope in Audible.com books and good thoughts.
When asked why he thinks people are so concentrated on their savings, he said they don’t have “hope for tomorrow”.
Aussies were blown away by his upbeat attitude.
“Imagine everyone mindsets being like this,” said one person.
“It’s nice to see someone with a positive mindset. I hope he continues to be blessed in life,” added another.
A third wrote: “Humble legend.”
The Sydney man lives with his two adult children, his wife and her sister, which he said helps keep costs low.
“You have to depend on friends and family, and eventually you find your way in life,” he said.
“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.”
With the cost-of-living crisis gripping people in different ways and some have decided to stay living with their parents into adulthood, or have moved back in with their mum and dads.
A Finder survey found more than one in 10 Aussies – equivalent to 2.5 million people – had done that latter option in the past year, whether that be with parents or housemates.
Soaring rents was one of the biggest factors contributing to that trend, with 30 per cent citing it as a reason.
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Another 30 per cent did so because they wanted to save money to buy a home eventually. A further 23 per cent did so to help with caring requirements.
The mean savings amount for a person in this Sydney man’s age bracket, which is 45 to 54, is $52,836.
But there are plenty of people across the country who have next to nothing in their bank accounts.
Compare the Market found back in February that one in five Aussies had less than $100 in savings.
Close to 80 per cent said the rising cost of living has impacted their ability to save over the past 12 months.
“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,” Compare the Market’s Chris Ford said.
“Inflation may be returning to the RBA’s target range, but the reality is it’s going to take some time before our savings accounts catch up.
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.”
Finder’s latest Consumer Sentiment tracker found the average Australian had cash savings of $33,345, with men having $42,496 in cash savings and women $23,084.
The average cash savings for Baby Boomers was $48,374, Gen X was $39,065, Millennials was $26,008, and Gen Z was $13,218.
Here’s how much the average Australian has in savings by age, with both the mean and median amounts listed:
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17 and under: $4,769 and $1,135
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18 to 24: $13,069 and $2,410
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25 to 29: $19,165 and $2,200
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30 to 34: $21,394 and $1,104
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35 to 44: $29,769 and $811
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45 to 54: $52,836 and $1,429
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55 to 64: $87,891 and $5,316
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65 to 74: $101,004 and $15,829
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75 and over: $130,597 and $31,424
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