How much the average Australian has in savings by age
$22,020.
That's the average amount of savings Australians have in the bank, according to Westpac figures.
However, this figure is skewed by a small percentage of large deposit holders. The median figure - that's the amount half of people have more than, and half have less - is much more modest, at $3559.
However, these numbers change dramatically as the person ages - as does just what they're saving up their hard-earned dollars for.
See how you compare to your same-age counterparts here.
Under 17s
Unsurprisingly, the youngest earners have the least money in the bank.
Teenagers under the age of 17 - most of whom are still in full-time study - have $3017 in savings on average.
The median amount is slightly lower at $2729.
As for what they're planning to spend it on, 44 per cent had their own custom money goals, 13 per cent were saving for education and 12 per cent were after a new gadget.
Just nine per cent were thinking ahead to a future home.
18 to 24-year-olds
It is in the 18 to 24-year-old age group that the gap between median and average savings begins to widen.
While the median savings figure has only risen slightly from the teenage years to $2828, average savings rise to $5147, skewed by a small percentage of large deposit holders.
Almost a quarter of these older teens and young 20-somethings have their own custom goals to save for, but one in five are now setting money aside for a home, while 13 per cent have a "just in case" goal, reflecting this age group's growing need to be financially independent.
25 to 34-year-olds
As Australians move out of their student years and into full-time employment, their average savings grow to $7995, while the median amount remains relatively modest at $3007.
The average balance of those saving up for a house more than doubles to $15,233, with 23 per cent of those aged 25 to 34 listing this as a savings goal.
Other custom goals and travel savings remain popular priorities in this age group.
35 to 44-year-olds
Australians aged 35 to 44 years have $11,967 in the bank on average, although the median figure remains steady at just over $3000.
Travel and holidays has increasingly become an important money-saving goal for this age group, with 22 per cent listing it among their savings goals.
45 to 54-year-olds
As Australians approach middle age, the median savings rises slightly to $3499 while the average grows to a substantial $20,165.
Travel and holidays are becoming an increasingly important savings goal, while eight per cent say they're saving for a car and lifestyle expenses.
55 to 64-year-olds
As Australians start looking toward retirement, the amount they keep squirrelled away in the bank grows.
The average savings for 55 to 64-year-olds is $32,800, although the median amount is dramatically less at $4119.
Holidays remain the second-most desirable goal, behind custom "other" goals, but cautiousness appears to grow with the number keeping a "just in case" fund growing to 16 per cent.
65 to 75-year-olds
As people enter their senior years, the average amount in their savings account grows.
Half of Australians aged 65 to 75 have over $4951 in the bank, while the average figure stands at $46,067.
One in five are still prioritising travel savings, while even more - 22 per cent - are simply saving up for a rainy day.
Over 75s
The oldest Australians have the most in savings, as they draw down on their superannuation or sell the family home.
Median savings for this age group balloon dramatically to $44,289 while the average is $75,957.
Holidays drop off as a priority, with 15 per cent listing this among their savings goals. The most popular goal is for unexpected expenses in a "just in case" fund.
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