The average Australian needs to take home about $346,000 to feel rich — almost $10,000 more than a year ago.
That's more than five times Australia's $67,600 median annual salary, according to the latest Australian Bureau of Statistics (ABS) data. In 2023, half of the nation's workers earned less than this while the other half earned more.
Financial comparison website Finder surveyed 1,032 adults and found they would need to earn $345,819 a year to feel well-off. The poll, taken in November, found the amount was $9,303 more than when the same question was asked in 2022.
It came toward the end of a year when , continued to outpace wage growth. The ABS' most recent reports found that, although wages climbed 4 per cent in the year to September, inflation rose by 5.4 per cent — suggesting Australians faced a 1.4 per cent pay cut in real terms.
Finder's poll found the yearly earnings someone needed to feel affluent differed by generation — and not everyone had greater expectations.
The overall average was driven up by millennials (born between 1981 and 1995) and gen X-ers (born between 1966 and 1980), who said they would need to earn $418,325 and $307,257, respectively, to feel rich. For millennials that was $72,540 more, and for gen X-ers $12,552 higher, than a year earlier.
But the amounts zoomers (born between 1996 and 2010) and baby boomers (born between 1946 and 1965) indicated they would need to earn each year to feel rich had decreased. The former came in at $392,077 (down from $428,474), and the latter at $273,812 having fallen from $306,505.
Finder's money expert Rebecca Pike said while they were unquestionably hefty figures the fall was "somewhat surprising" and that it might have something to do with different generations' ideas of wealth.
"Although we've had a few more interest rate rises over the last 12 months, inflation is dropping and so there may be slightly less fear among certain generations," Pike said.
"Boomers have that stability, and gen Z (zoomers) are less stressed about the same finances as gen X and Y (millenials), possibly because many still have the option of living at home or in share houses with lower rents and shared bills."
The Commonwealth Bank's most recent Cost of Living Insight report, released in November, showed Australia's has affected generations differently,
The analysis of the found baby boomers on a per capita basis were the only demographic to have increased their discretionary spending. It found the rise was highest among those aged 75 and over, at 10 per cent.
Worst affected were those aged between 25 and 29, whose discretionary spending fell about 6 per cent.
Source: Supplied / Commonwealth Bank | CommBank iQ Cost of Living Insights Report, November 2023.
Pointing to the $345,819 figure the average Australian says they need to rake in to feel rich, Pike said: "Remember only a small percentage of the population earns anywhere near $346K – the typical Aussie is on a salary closer to $70,000.
“That said, it’s been an incredibly tough couple of years for many, with household budgets pushed to the limit.
“With everything from to , the average person now feels they need to earn a whole lot more to be wealthy.”
Meanwhile, Australians are on average saving $705 a month, according to Finder's latest Consumer Sentiment Tracker data. Millennials are putting away the most ($789), followed by zoomers ($751), gen X-ers ($742), while mostly-retired baby boomers are saving $515 a month.
It also found more than 60 per cent of zoomers could live off their savings for just a month or less. Almost half of millennials indicated they faced a similar situation, as did more than a third of gen X-ers and a fifth of baby boomers.
