Seventeen per cent of people working in the education industry have no savings at all and over half regularly dip into their savings account, the research found.

The research also found that men in the education industry have, on average, 28 per cent more money saved than women.

Forty-five to 54-year-olds have the least saved of any group, with almost a third having less than $250 in their savings account.

“Our research is reflective of national data, which shows a decline in the savings rate since the GFC,” AMP Bank CEO Sally Bruce said.

“A number of factors have contributed to this, including rising housing wealth until recently at a time of weak wages growth and ongoing increases in the cost of living.

“And with interest rates at record lows, it’s little wonder Australians don’t have anything spare to put away, and what they do have saved is only growing slowly.

“For most Australians, having a pot of money to use when times are tough or to fund the nicer things in life such as a new home or a holiday can have a huge impact on health and morale as well as your wallet.”

One thousand Australians participated in the survey, conducted by Pureprofile.