ns need an annual salary of nearly $350,000 a year to ‘feel rich’ – multiple times the pay of the average Aussie, new research has found.
A Finder survey of 1,032 respondents found the average n said feeling rich required an annual pay of $345,819, with that eye-watering figure nearly five times the average income of $72,753.
Millennials (people born between 1981 and 1996) had the highest expectations, placing that figure at $418,325, followed by Gen Z (people born between 1997-2012) at $392,077.
On the other end of the spectrum, baby boomers (people born between 1955 and 1964) said making $273,812 meant you were rich, while Gen X (people born between 1965 and 1980) said that figure was $307,257.
A recent survey has found the average n would need an average salary of just under $350,000 to ‘feel rich’, with Millennial’s expecting the most at about $420,000 (stock image)
Finder money expert Rebecca Pike said the rising cost of living had also increased people’s expectations of how much they needed to consider themselves wealthy.
‘Remember, only a small percentage of the population earns anywhere near $346k – the typical Aussie is on a salary closer to $70,000,’ she said.
‘That said, it’s been an incredibly tough couple of years for many, with household budgets pushed to the limit.
‘With everything from soaring property prices to expensive energy bills, the average person now feels they need to earn a whole lot more to be wealthy.’
For people looking to prioritise saving money as a New Year’s resolution, Ms Pike said it was important to ‘take stock of where your money is going’.
‘Cut spending on anything you aren’t using or no longer need, and don’t pay too much for what you do need,’ she said.
‘From energy to insurance to your mobile provider, compare your options to ensure you’re getting the best bang for your buck. If you haven’t switched any of these in the past 6-12 months, you’re probably paying too much.’
Despite the high expectations as to what counts as rich in 2024, recent Finder research on saving accounts found that nearly one in two ns (46 per cent) said they could only survive off their savings for a month or less, with the average Aussie accruing a buffer of $37,975.
On average, men have $52,655 banked in savings, nearly $30,000 more than women who on average had $23,223.
The average Aussie might find the ‘rich’ salary eye-watering as it’s about five-times more than the average salary at about $70,000 (stock image)