Latest news with #Coposit
Yahoo
2 days ago
- Business
- Yahoo
Mortgage holder's $4,500 savings revelation reveals reality facing millions: ‘Should have paid it off by now'
A Sydney mum has candidly revealed how much money she has in savings while paying off a mortgage. The cost of living is making it harder and harder for people to save, and it means many people aren't where they thought they'd be financially. The 49-year-old woman was stopped in the street by property app Coposit and revealed she had $4,500 in savings. She shared that she bought a house 25 years ago and 'probably should have paid it off by now'. She's not the only one in this position. Exclusive Finder research shared with Yahoo Finance found that more than half of Australians weren't where they thought they would be financially. RELATED Easy monthly habit to save an extra $8,364 a year: 'Get ahead' Tradie reveals surprising industry where he makes '$300,000 to a million' a year: 'Never knew' Right to disconnect warning as worker sues former employer for $800,000: 'People are nervous' The woman said the high cost of living meant many people had to adjust their spending and couldn't splash out on the things they once could. 'You just can't spend. You can't buy the delicious meat that you used to buy at the butcher,' she said. 'You have to be tight, you have to go to the op shop. I don't do my nails, I'm not fancy. You just have to be frugal.' The woman said her adult kids, who are in their twenties, had 'heaps' more money in savings than she had because they didn't spend unnecessarily. 'I watch my kids save and they are doing the things that I didn't do, I didn't save back then,' she said. 'It's a bit weird, but they know that they've got to do it differently.' Despite this, she said she didn't know when her kids would be able to afford to buy a house. 'I won't be able to be the Bank of Mum and Dad and give them $50,000. I just won't be able to with my $4,500 worth of savings,' she said. While the woman said her finances were 'a mess', she actually is doing better than the average Aussie in her age bracket. Westpac data found the median 45 to 54-year-old had just $1,429 in their savings, while the average had $52,836. The median is the middle value when the numbers are arranged from smallest to largest. It can be a better representation of where you sit than the mean average, which can be skewed by very big or small numbers. Aussie online praised the woman for being so transparent about her situation. 'She's lovely and she's honest. I'm sure she works very hard to pay that mortgage. It's hard to save and pay all the bills,' one said. 'Good mum, smart kids,' another said. The Finder research found 53 per cent of Aussies felt like they had fallen behind financially and had failed to meet the goals they once set for themselves. Just 12 per cent of the 1,012 people surveyed said they had managed to surpass their own financial expectations, while 35 per cent were in line with where they expected to be. "For most Australians, the dream of financial security has taken a hit – many are surviving, not thriving, as they grapple with economic pressures and personal financial setbacks," Finder money expert Rebecca Pike told Yahoo Finance. 'Rising costs, unexpected setbacks, and a lack of budgeting discipline have left many feeling stuck.' Poor health had the biggest impact on Aussies' finances, with 17 per cent saying it had negatively impacted their financial progress. This was followed by having kids (15 per cent) and not having a budget (15 per cent), relationship breakdowns (13 per cent) and job loss (11 per cent). Pike said many Aussies had fallen short of their financial expectations and had experienced money setbacks. But she said it was never too late to make progress. 'It isn't a race, so focus on what you can change and be consistent,' she said.
Yahoo
27-05-2025
- Business
- Yahoo
Young Aussie reveals brutal property reality facing generation: 'Win the lottery'
A Sydney man has laid bare just how out of reach homeownership is for many young Australians right now. Skyrocketing property prices, coupled with the high cost of living and lagging wages, are making it more difficult for young people to buy their first homes. The 29-year-old Sydney man was stopped in the street by Coposit, an app that helps people buy their first homes. He was asked about his plans to buy property in the future and shared that it wasn't something he could even entertain right now. 'I just can't dream of it,' he said. 'Expenses are too high. I can't even afford to rent.' RELATED New Australian property data reveals how much you need to earn to buy a home compared to 1975 ATO warning for 2.6 million small business owners as areas of concern revealed: 'Will face consequences' $3 million superannuation tax change sparks property warning as 'panic' selling begins The man shared he had between $10,000 to $15,000 in savings, but said this was for an emergency. 'If you are asking about buying a new house, that is just a dream. I don't know how, maybe if I am lucky enough, I can win the lottery or something like that,' he said. The man said he thought other people his age were in the same position as him. 'I'm watching everyone struggling nowadays. Only the people who are already rich or already have properties, those ones can [buy],' he said. Owning a home in Sydney is now three times harder than it was 50 years ago, a new report by the Australian Property Institute found. Sydney homebuyers now need 13 times the average annual income to purchase a home. That's up from 4.2 times back in 1975. In Melbourne, the ratio has more than doubled from 3.5 times to 8.4 times, while in Brisbane it has almost tripled from 2.9 times to 8.3 times. Nationally, the income-to-house-price ratio has surged from 3.4 to 8.1. The median value of all houses and units in greater Sydney was $1,195,000 in April, according to CoreLogic. National values are sitting at around $825,000. Australian home ownership rates have dropped from 71.4 per cent to 66.2 per cent in 25 years, according to the Australian Bureau of Statistics. There has also been a significant drop in home ownership among younger Aussies. More than half of 25 to 29-year-old households were homeowners in the 1980s, but this dropped to less than 40 per cent in the 2021 census. The Coposit video has racked up tens of thousands of views online, with many people echoing the man's view about how difficult it is to buy a home these days. 'Australian dream is finished permanently,' one person said. 'Sydney is very expensive. Possible to save but take you years,' another said. 'Just keep saving for 10 years, you might have enough for a deposit,' another added. The Australian government plans to allow all Australian first-home buyers to purchase a home with a 5 per cent deposit, avoiding lenders mortgage insurance. It also promised to put $10 billion towards building up to 100,000 homes exclusively for first-home while retrieving data Sign in to access your portfolio Error while retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Gen Z expat's brutally honest savings revelation after moving to Australia: 'I'm being honest'
A German expat living in Sydney has candidly revealed just how little she has in savings. Australia is in the grips of a cost-of-living crisis, making it harder for many people to save any money right now. The 24-year-old was stopped in the street by Coposit, an app that helps people buy their first homes. The app has gone viral on social media for asking people if they'll share how much they have in their savings. The woman said she was originally from Berlin Germany and was brutally honest with her response, revealing she had no savings. RELATED Dad with no savings reveals surprising money message for struggling Aussies: 'Living pay to pay' Common $358 a day expense the ATO lets you claim on tax without receipts Aussies given fresh $100 energy bill rebate in $50 million cost-of-living promise 'I'm 24 and I've got 37 cents in my savings. I'm being honest,' she admitted. When asked what she was spending the most money on at the moment, she said it was the cost of rent in the pricey city. 'Rent is very expensive. I also like going out here,' she said. 'I think the nightlife here is very expensive as well and just the cost of living, to be honest.' House and unit rents are at record highs across the capital cities, with Sydney leading the charge. Domain's latest rental report found house asking rents are currently $775, while unit rents are sitting at $725 as a median. According to Numbeo, the cost of living in Berlin is actually 7.4 per cent lower than Sydney. Rent prices are also 35.7 per cent lower than Sydney, while grocery prices are 20.3 per cent lower. One thing that is more expensive in Berlin is restaurant prices, which are 8.4 per cent higher than in Sydney. The expat said she would 'love to' save up in the future and was hoping to buy a car as well as go home to Germany for a visit. 'It's always good to be prepared for anything,' she said. The high cost of living and lagging wages are making it harder for many Aussies to save money right now. A Compare the Market survey in February found that one in five Aussies had less than $100 in savings. Four in five Aussies said the cost of living had impacted their ability to save money over the last 12 months, with high grocery prices, housing, insurance premiums and household bills pushing savings down. 'It's quite a shock to see that so many Australians aren't able to save or have so little in their savings account, but this is unfortunately a sign of the times,' Compare the Market's Chris Ford said. 'Inflation may be returning to the RBA's target range, but the reality is it's going to take some time before our savings accounts catch up. 'Prices don't necessarily go backwards when inflation slows down, and boosting your savings can feel like an uphill battle – particularly if you're living paycheque to paycheque.' Westpac's latest data found that customers aged between 18 and 24 had a median of $2,200 in their savings accounts and a mean of $13,069. Financial advisers typically recommend people aim to have three months worth of living expenses as emergency savings.
Daily Mail
21-05-2025
- Business
- Daily Mail
Aussie bloke's bizarre reason he doesn't have any savings goes viral
A confident Aussie bloke has proudly declared he doesn't have any savings because he puts his faith in the universe instead. In a street interview with finance app Coposit, the 27-year-old said money 'is an idea' and that he trusts 'the planets' rather than saving his cash. 'I think money is an idea that allows people to do what they want with their time,' he said. 'And I think most people stress about the value that they have at a specific time in their life. 'I like to think about myself as less of a member of society and more a member of nature and the universe.' He then shared his celestial financial plan. 'I trust in the sun, I trust in the moons and all the planets, and if they're doing their job, I know they're going to be looking after me because we're all part of that greater scheme,' he explained. The man said he still had ambitions to buy a home big enough to suit his needs. Aussies were quick to share their thoughts on the man's approach to savings with the TikTok video re-shared to an account titled 'financial dystopia' on X. Some suggested the man must have wealthy parents, or was joking. One viewer said the 27-year-old 'looks happier than most people'. 'Bro (is) just being humble, that muscle tells us he has enough to eat,' one said. 'This man is incredibly wise. The younger generations are a lot wiser than the older it seems,' another agreed. 'This false narrative that savings make you elite is BS. Spend your money, love your life now, enjoy it,' a third added. But others disagreed, questioning what he would do in the case of a medical emergency or financial misfortune. 'Even squirrels stock up on acorns as savings for the winter,' one wrote. 'This guy is going to have to work until the day he dies,' another agreed. Data from Finder's Consumer Sentiment Tracker shows the average Australian had $42,968 in savings as of May. However, 38 per cent of Australians have less than $1,000 set aside. Young people are the least likely to have money saved, with Gen Z averaging $24,902 in savings and 50 per cent holding less than $1,000.
Yahoo
20-05-2025
- Business
- Yahoo
Shock as Baby Boomers candidly reveal their savings balances: ‘Millionaires everywhere'
Baby Boomers have candidly revealed how much money they have in the bank and it's come as a rude awakening to some Aussies. Property app Coposit has gone viral for its social media series where it asks Aussies to share how much they have in savings. The Sydney-based platform recently shared a compilation showing what Aussies in older generations have in savings, revealing a big variety of answers. One 68-year-old man, for instance, shared he had a whopping $4 million in savings. The man shared that he was now retired but had previously worked as an accountant and had built his wealth through building speculating, which is the process of building or renovating a property without a pre-committed buyer. RELATED Baby Boomers resist downsizing pressure as pensions put at risk: 'Something isn't right' Common $358 a day expense the ATO lets you claim on tax without receipts Money crisis sparks capital city exodus as Australians embrace 'new frontier' He shared he had his savings kept in his super fund, along with outside of super, and thought other people his age would have similar amounts as him. 'I think people around my [age] like Baby Boomers, later Baby Boomers, are reasonably comfortable and I think a lot of people would be similar to me, some more, some less, but around about the same,' he said. Another 73-year-old man shared he had over $5 million in savings after running his own water treatment business, while a 66-year-old American electrical engineering professor shared he had 'a couple of million'. But these amounts are not typical of all Baby Boomers. The app also heard from a 72-year-old who shared he had $1,200 in savings, which viewers found more relatable, and was saving up for a five-week trip to Vietnam. He shared that he previously did security work, which 'paid the bills'. He said he was no longer in the property market. 'When I bought my first house, I paid $9,000 deposit on a $39,000 house. You can't do that these days,' he said. Another 64-year-old shared she had $40,000 in savings, which is closer to the average amount for her age group. She shared that she had previously worked for the Gold Coast hospital doing admin and rostering. She said buying property at the right time had helped her grow her wealth and she had now paid off the mortgage on a subsequent house. 'We did have a unit that we managed to buy earlier on in the piece, you wouldn't be able to get them now. But it was at a cheap price and we sold it at a high price because we watched the market," she said. 'We paid the rest of the house off with that and had enough money to put into my super. You play the market and you play the money game." Another 74-year-old woman shared she had more than $100,000 in savings. She said she had run a couple of businesses, including one that painted businesses, and had 'worked very hard' to accumulate her wealth. She admitted it was easier to get into the property market when she was younger and shared she bought her first property when she was in her late 20s. She said she wouldn't like to be doing it today and called the cost of living an 'absolute nightmare'. 'Realistically, it's a hard road. It's not easy these days,' she said. Coposit's video has racked up nearly a quarter of a million views, with many sharing their surprise at how much money many of the Boomers interviewed had. 'Millionaires everywhere,' one person wrote. 'How do they all have so much money?' another said. Others shared how much savings they had themselves and how different it was from those interviewed. "Is this a joke?? Ummm 42 and $7.49," one said. "I'm 41 and have $86.75," another said. "44 and in debt. Nothing," another added. Others joked that the Baby Boomers interviewed could have amassed their wealth by 'not buying coffee' or 'not buying avocado on toast'. Finder's Consumer Sentiment Tracker found that the average Baby Boomer does not have millions of dollars in savings. It found Baby Boomers had $48,374 in cash savings to their name. This is higher than Gen X with $39,065, Gen Y at $26,008 and Gen Z at $13,218. Separate Westpac data found customers aged 65 to 74 had $101,004 in their savings account on average, and a median of $15,829. Here's how much the average Australian has in savings by age, with both the mean and median amounts listed, according to Westpac: 17 and under: $4,769 and $1,135 18 to 24: $13,069 and $2,410 25 to 29: $19,165 and $2,200 30 to 34: $21,394 and $1,104 35 to 44: $29,769 and $811 45 to 54: $52,836 and $1,429 55 to 64: $87,891 and $5,316 65 to 74: $101,004 and $15,829 75 and over: $130,597 and $31,424Error while retrieving data Sign in to access your portfolio Error while retrieving data
