How much money does the average Brit have in savings?
According to a 2024 Finder survey, the average UK person has £11,185 in savings, but it's important to remember this is a mean average across all savings accounts. HMRC notes that savers with active ISAs have average balances that are much higher, at approximately £38,000.
6.50% have absolutely no savings. 25.95% have less than £1,000 in savings. Although the average savings amount of all people we surveyed was £35,361.09, if we remove the highest and lowest savers from the mix, the middle 66% of people we surveyed have an average savings balance of £9,633.30 ...
Is 100k in savings a lot in the UK? Yes, it is. The worry is that while 100k might be safe in a savings account, it won't earn a lot of interest – not as much as it might if you were to invest it. Inflation could significantly lower your money's real spending power when held in a savings account over time.
The older you are, the more you tend to take home each month in earnings. Those aged 18-34 have on average under £3,800 in savings, while those aged 35-44 have £5,700 on average. This grows to closer to £10,000 when you get to the 45-54 year olds, and closer to £20,000 or more for the 55s and up.
Meanwhile, the top 10% of earners have £50,382 in savings, £50,917 in investments, £308,372 in property and £438,135 in pensions. If you're approaching these kinds of levels, you can consider yourself to be rich.
What is considered a good amount of savings in the UK?
The idea is to spend 50% of your after-tax income on essential needs, 30% on things you want, and pay 20% into a savings account. Of course, you can aim to save 30% of your income and spend 20% of it on your wants. If saving 20% isn't realistic, aim for a slightly lower amount, such as 10% or even 5%.
Earning over £100,000 used to be a hallmark of success. Not so much any more. These days, workers on six-figure salaries can be left thousands of pounds worse off thanks to our warped tax system. Those earning between £100,000 and £125,140 face the highest effective tax rates in the country.
While $40,000 is a good start on the road to building a nest egg, you probably want to retire with a lot more money than that. But it may be more than possible if you commit to saving and investing in a brokerage account consistently for the remainder of your career.
Those will become part of your budget. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
For a comfortable retirement in the UK, you should have at least £37,600 per year in savings, which is slightly above £3,000 per month. Can I retire at 55 and access my workplace or personal pension? Yes, you can access your workplace or personal pension from age 55.
But of course, the biggest positive is that you've earned it and that puts you in the top 2% of earners in the UK if you are male and the top 1% for women.
The national average age of a first-time buyer in the UK is 32 years and 7 months. Of all UK regions, those in the South East join the property ladder the latest in life - averaging 34 years and 4 months with Londoners joining the property ladder at 34 years and 1 month.
The rule of thumb is to have enough to draw down 80% to 90% of your pre-retirement income. Or, using a simple formula like saving 12 times your pre-retirement salary is also a good rule of thumb. Get informative retirement planning tips and discover how, when to start and how much to save for retirement.
Experts recommend your emergency fund be large enough to cover three to six months' of essential living expenses. June 26, 2025, at 11:30 a.m. Is a $10K Emergency Fund Enough? Your emergency fund should be large enough to cover three to six months' worth of essential living expenses.
Overall, nearly half of adults have outstanding unsecured debt, where the money borrowed is not backed up by assets. The FCA said the median average amount of debt outstanding among those with debt was £6,300. Among 18 to 34-year-olds with debt, the median average amount of debt outstanding was £12,500.
How Much Money Do You Need to Retire at 60? A good rule of thumb is to have 20–25 times your annual retirement expenses saved. If your yearly spending is £40,000, this means having between £800,000 and £1,000,000 in pensions, savings, and investments.
How much money does the average person have in their bank account?
How Much Money Does the Average American Have in Their Bank Account 2025? According to data from the Federal Reserve's Survey of Consumer Finances, the average American holds $62,410 in their accounts, checking accounts, money market accounts, call deposit accounts, and prepaid cards.
How rich? Researchers have found that Americans who make more than $335,000 a year live 14 years longer than the poorest one percent. If you have more than $300,000 in assets, you have a 31 percent greater chance of surviving from ages 65 to 85 than those who have none.
Despite being in the top 4% of UK earners, only one in 10 people earning £100,000 or more would describe themselves as 'wealthy', while only 1% of the UK population identify as such. High earners also place the threshold for wealth much higher, citing £724,000 as the income it takes to be considered wealthy.
