New research has revealed exactly how much the average Australian has saved up, while also revealing the majority of people don't have an adequate rainy-day fund in case of an unexpected emergency.

According to the report from ING, just 22 per cent of adults have three months' worth of expenses stashed away, and some 20 per cent have less than $1000 in savings.

The level of savings differs from generation to generation, with Gen Z – unsurprisingly so, given their age – sitting at the lowest: the majority have less than $10,000 in total savings.

The average for the generation is $16,475, and just 19 per cent of Zoomers have a three-month emergency fund.

By comparison, Baby Boomers – almost a quarter of whom have a proper rainy-day fund in the bank – have an average of $26,440 in savings

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