The average savings based on your age
As of January 2024, a survey from Finder has revealed that the average UK adult has £11,185 in savings.
Saving money for the future or for emergencies is becoming increasingly difficult with prices rising and more people living pay check to pay check.
With 65% of people believing that they wouldn’t be able to last just three months without having to borrow money. The financial anxiety across the UK has made it difficult for people to seek advice and support with more people feeling a sense of loss when it comes to saving.
Around 61% of adults save money either every or most months.
How much on average do people have in savings?
As of January 2024, a survey from Finder has revealed that the average UK adult has £11,185 in savings. Despite this about 46% of people have £1000 or less in savings and 25% have £200 or less.
With 16% of adults having no savings at all this means around 8.7 million people have very little or no money to fall back on in case of emergencies.
The Financial conduct authority (FCA) state that this is mostly the younger population of 18-24 years olds have less than £1000.
According to Money and Pensions Service (MaPs), around 11.5 million people have less than £100 in their savings account.
Average savings by age group
As of January 2024, Finder reveal how much people have saved based on their age.
Generation X has 19% of people with no savings at all making them the highest amount across all generations to have no savings at all. This shows the younger generations struggling to save or unsure where to start. Those aged 74+ have 10 times more in savings than 18-24 year olds.
The average amount saved increases with age for multiple reasons, a higher salary, different motivations and urgency to save or different lifestyle expenses. As responsibilities pile up there might be a higher pressure to save for a rainy day, for retirement and to look after family.