Nicholas knew from a young age money was important and started saving at just 13 years old. 

“I realised at a young age that although money isn’t everything, it does affect most things in life,” he said.

“Money allows you to do what you want in life.”

Nicholas managed to save $100,000 through an online store selling products imported from overseas and investing in the stock market. 

He said he rarely ate out and was restrained with clothes purchases. 

Growing up in Far West Sydney where financial education wasn't part of his school curriculum, he sought out this information himself. 

“Lots of people turn to their parents for financial advice, but I learnt early on that mine didn’t always have the best financial habits," he said. 

"They would often buy new things unnecessarily, throw out items that were still in good condition, or not compare products and services before purchasing to make sure they were getting the best deal.

"Instead, I turned to experts online.”

Nicholas.jpg

Image: Nicholas saved $100,000 by the age of 19

Nicholas urged caution when seeking out information online but said financial education was a vital tool for young Australians. 

“I think financial education is incredibly important, because education allows for independence, and independence allows for freedom - the freedom to enjoy life to a larger extent," he said. 

“You have to be careful what you read. It’s easy to fall for fake news, and a lot of the credible advice is for US markets and doesn’t always apply to Australia.”

Nicholas said age was young Australians' biggest advantage when it came to saving money. 

"My advice to young Australians wanting to achieve greater financial freedom is to start small and start now," he said. 

"It all adds up, everything from saving a little bit to learning the basics of tax and super.”


Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (<$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of August 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning


Half of Gen Z don't have a handle on their finances 

A new report from financial advisory and accounting firm Findex found one in two Australians under the age of 25 don't feel in control of their finances. 

Mum and Dad remained the go-to for financial support, with 71% of survey respondents stating they turn to parents or guardians for tips on how to manage their money. 

This was unsurprising given 48% of respondents said they had limited to no recollection of any formal financial education at school. 

One in four said they never or rarely set a budget, and only one-third managed their finances by calculating monthly in-goings and outgoings. 

Almost a quarter didn't know how much their employer should be contributing to their super and just under half were unable to accurately calculate how interest worked on investments.

Matt Games, Chief Financial Officer for Findex, said sound financial decision-making was strongly linked with improved financial wellbeing and greater participation in economic life.

"Participation in economic life affects quality of life, the opportunities that people can pursue, their sense of security, and the overall economic health of society," Mr Games said.

"That’s why it’s essential we do everything we can to educate and empower our communities on how to be smart with their finances."

Mr Games added it was a shame financial education wasn't featured on the school syllabus. 

"A heavy reliance on parents and guardians to educate the next generation on financial literacy is misguided and potentially harmful," he said. 

Related: Why isn't financial literacy its own subject in schools?

Photo by Matese Fields on Unsplash