Australia: average personal debt value by generation 2023

According to a 2023 survey among over two thousand Australians, Gen Z representatives were the most indebted, with an average personal debt of around 11.3 thousand Australian dollars. The next closest generation, Millennials, had an average debt of almost 11 thousand. The national average personal debt was approximately 8.98 thousand Australian dollars.

Average value of personal debt in Australia in 2023, by generation (in Australian dollars)

Characteristic	Average debt in Australian dollars
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Release date

December 2023

More information

Region

Australia

Survey time period

November 2023

Number of respondents

2,072 respondents

Age group

18 years and older

Method of interview

Online survey

Supplementary notes

The source defines generations as follows:

Gen Z are those 18 to 25 years
Millennials are those 26 to 40 years
Gen X are those 41 to 55 years
Baby Boomers are those 56 to 74 years.

Original question: "Excluding a home or investment property loan, what is the total value of personal debt that you have? (eg. car loan, personal loan, credit card debt, HECS/FEE HELP, Afterpay etc.)"

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