27yo Australian man’s strange reason for no savings goes viral

A street interview with a young Australian man has gone viral on social media after he revealed his very unique ideas about money and savings.

A street interview with a 27-year-old who revealed he had no savings because he believes “money is an idea” rather than something tangible has gone viral.

The original video shared on TikTok earlier this year by property app Coposit Street gained about 50,000 views, but was reshared on X by an account “highlighting bad finance” on Sunday, racking up more than two million views.

“I think money is an idea that allows people to do what they want with their time,” the man said. “And I think most people stress about the value they have at a specific time in their life, but I like to think about myself as less of a member of society and more a member of nature and the universe.”

He said if the sun, moons and planets are “doing their job” then he will be looked after because “we’re all part of that greater scheme”.

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Viewers assumed he must have had rich parents to fall back on or that the video was a joke. But some agreed with the interviewee that money was “just an idea” and “societal construct,” and that he “looks happier than most people”.

“He is one medical bill away of becoming homeless,” one person wrote, while another said: “Even squirrels stock up on acorns as savings for the winter.”

So how much money do you need in savings?

The average Australian had $42,968 in savings in May, according to data from Finder’s Consumer Sentiment Tracker. However, almost 2 in 5 Aussies (38 per cent) have less than $1000 in savings.

As could be expected, the younger generation have the least money stashed away for a rainy day.

Finder’s data showed the average Gen Z has $24,902 in savings, compared to $42,174 for Millennials and $56,285 for Baby Boomers — and a huge 50 per cent of Gen Z have less than $1000 in savings.

Finder’s personal finance expert Richard Whitten said “in a perfect world” Australians should have at least three months’ worth of living expenses saved but acknowledged it is not realistic for everyone — especially when the cost of living is so high.

“With three months of savings, if you lose your job or get sick or injured or have an emergency expense, you’ve got enough money to keep a roof over your head and your tummy full while you get back on your feet,” Mr Whitten explained of the three-month goal.

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He suggested the first step to getting there was starting with “a really small habit” such as finding $10 a week to put away.

“It’s almost tax time, so if you’re due a refund, commit to putting some or all of it into your savings,” he advised.

“Do a budget and look at your spending habits to find ways to cut back on impulse buys and redirect that money towards your savings instead. Break down your spending by different categories like food, subscriptions and so on.

“Before long, you’ll have $1000 stashed away, and that can give you motivation to get going and reach for an even bigger savings goal.”

Mr Whitten warned to also check how much interest you are earning on your savings.

“If your savings account interest rate doesn’t start with a ‘5’, you could be getting a better deal with another bank,” he said.

Westpac customers' average savings by age.

According to Westpac data from January, customers of the bank aged 25 to 29 with an active savings account had an average balance of $19,165 (or median of $2200 in savings), while those a bit younger aged 18 to 24 had $13,069 (or median of $2410), and those 17 and under had $4769 (or median of $1135).

The average was found by adding up all the numbers and dividing by how many numbers there are, while the median is the middle value when the numbers are arranged from smallest to largest.

Earlier this year, news.com.au launched The Great Aussie Debate, a wide-ranging, 50-question survey that has uncovered what Australians really think about all the hot topics of 2025.

Over two weeks, more than 54,000 Australians took part in the survey and one of the questions we asked was what salary a person would need to earn in 2025 to be considered “rich”.

According to the Great Aussie Debate survey results, the majority believe you need to be earning more than $250,000 a year to be considered rich.

The majority of respondents, 56 per cent, believe you need to be earning more than $250,000 to fit into the “rich” category.

The typical full-time Australian worker earns $90,416 a year, according to the latest Australian Bureau of Statistics figures.

Comparatively, taxpayers earning a total income of just over $180,000 a year are considered to be in the top five per cent of earners in Australia, according to ATO figures recently analysed by the Grattan Institute.

Those with a gross yearly income of $375,378 or more are in the top one per cent of taxpayers.

The next highest response to our salary question was $200,000-$250,000, which 20 per cent of people said was enough to make you rich.

Of those surveyed, 14.8 per cent said between $150,000-$200,000 was enough, 6.1 per cent chose $100,000-$150,000 and just 2.6 per cent said between $80,000-$100,000 made you rich.

As part of The Great Aussie Debate, news.com.au also asked people when they last received a pay rise they were happy with.

The most common response was two to four years ago, with 27.7 per cent choosing this option.