Gen Z Leads All Ages in Saving Money Despite Rising Costs

While headlines scream about impossible housing markets and crushing costs, young Australians are quietly becoming the nation's savings champions.

New data from NAB reveals that Generation Z (ages 18-29) are the most committed savers of any age group in Australia. A striking 89% of young women and 85% of young men are actively putting money aside, even as they face rising interest rates and inflation.

The numbers matter because they show something powerful: financial resilience can be learned, and young people are proving it works.

"I think it is tougher for young people, but it's definitely not hopeless," says Katrina Samios, CEO of Financial Basics Foundation. Her organization teaches young Australians practical money skills before they enter the workforce.

The secret ingredient? Starting early with money conversations. Elijah, 23, credits his family's openness about finances for his strong saving mindset. "It was never necessarily a taboo conversation as much as it might be for some," he says.

Not every young person finds saving easy. Jackson, 22, admits most of his money disappears by the next paycheck. But awareness itself is progress.

That awareness is spreading through Australian schools and homes. Recent surveys of over 19,000 young Australians found that while cost of living tops their concerns, many feel empowered to take action rather than simply worry.

The Ripple Effect

This shift toward financial openness is creating a generation better equipped to handle economic uncertainty. Parents are talking more about money at home. Schools are expanding financial literacy programs. Young people are questioning influencer culture and resisting FOMO spending.

Samios advocates for comprehensive financial education that goes beyond numbers. "How rich is a lesson when you can sit there with a teacher and talk about Instagram, the influencers, marketing, and actually unpack that," she explains. Teaching young people to filter marketing messages and focus on personal goals builds lasting resilience.

Tilly, just 16, already thinks about housing affordability regularly. Rather than being paralyzed by worry, she's channeling that awareness into action, actively saving even without a formal savings account. Jianna, 19, strikes a balance between enjoying her money and maintaining healthy savings.

These young Australians are building what Samios calls a "financial toolkit" that works regardless of market conditions. The toolkit includes practical habits like regular saving, understanding tax basics, and making informed spending choices.

The transformation shows what happens when money stops being taboo and starts being teachable.

Young Australians may face tougher economic conditions than previous generations, but they're responding with impressive discipline and smarts that will serve them for decades to come.