RFI Global and DBM Atlas have released combined data for April showing that homeowners with mortgages have on average saved almost $19,000 more in their savings accounts since the pandemic, while renters have saved an average of $5,000.

Unlike renters, a large number of mortgage holders have also increased the value of their investments in equities and managed funds since the beginning of 2020, said Alex Boorman, chief product officer at RFI.

Mr Boorman said the data showed that renters had accumulated the least amount of wealth over the past three years, highlighting the huge sector of "financial stress" for Australians.

He said renters did not receive the same media attention as homeowners, whose concerns were focused on rising interest rates and the difficulties facing mortgage holders.

"Renters are a group under financial stress because they have a lower savings cushion," he said.

"While rising interest rates do not affect renters as directly as mortgage holders, they do have an indirect impact on renters - particularly in terms of higher rental costs as landlords 'pass on' rising interest rates to their tenants.

"Renters are also facing pressure on the cost of living."

The RFI also pointed to "increased barriers" to people trying to enter the housing market.

"Perhaps it's not surprising that Australians are getting their first home loan later in life," Mr Boorman said.

"At the same time, the median age of consumer savings deposits has fallen over time. This means customers are saving for longer - creating more opportunities for customers to become disillusioned with the process."

RFI data from March 2020 to August 2022 shows that the number of young people saving for a house is increasing.

"However, in early 2023 we see a reversal in this trend, with a significant drop in the number of savers under 35 saving for a deposit," said Mr Boorman.

"In the grand scheme of things, this may reflect a sense among potential buyers that affordability is slipping away from them and the barriers to entry are too high."

RFI Global's First Home Saver Report 2023 shows the barriers to entry into the property market, with affordability of a property being the most significant barrier, closely followed by a deposit.

"It is also possible that some people will give up on the dream of buying a home when house prices are perceived to be growing faster than the rate at which people might wish to save," said Mr Boorman.

"Rising interest rates have had a negative impact on affordability and simply put, people are no longer able to borrow as much money as they once did.

"It's a very difficult market to enter and renters are understandably put off."