How much money does the average person keep in the bank?
In 2025, the average UK adult holds approximately £9,633 to £16,067 in cash savings, though this figure is heavily skewed by high savers. A more accurate picture shows that 39% of UK adults have £1,000 or less, with 16% having no savings at all. Savings vary significantly by age and location, with Londoners averaging £28,978.
How much does the average person have in the bank in the UK?
In 2020, the average British adult had around £6,757 saved. This number has increased as of 2025. According to research from Finder, the average person in the UK has 17,773 in reserve as of 2023.
How much money does an average person have in their bank account?
According to the Fed's Survey of Consumer Finances, the median amount held in bank accounts across all American households in 2022 (the most recent data available) was $8,000.
The top 10% of households have average equivalised savings of £215,700, while the bottom 10% have an average of less than £100. More details about how these data have been equivalised are available.
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.
By age 35, aim to save one to one-and-a-half times your current salary for retirement. By age 50, that goal is three-and-a-half to five-and-a-half times your salary. By age 60, your retirement savings goal may be six to 11-times your salary.
Paying off significant debt generally trumps savings. You can always build up your savings once you are out of debt. First, try to address your debts, get them to a manageable place and then determine if you can adjust your budget to start building up your savings.
How much is a good amount to have in a bank account?
A good general guideline for how much money to keep in your checking account is to have enough to cover 1 month of expenses plus a small buffer — typically between $100 and $500 — to protect against overdrafts and declined payments. This buffer may offer peace of mind when unexpected charges or timing issues arise.
Most Americans don't have as much saved up. Almost 80% of Americans have saved up less than $100,000, and 58.4% of Americans have less than $10,000 in retirement savings.
In the UK, you should aim for 3-6 months of essential living expenses in an emergency fund, while the 50/30/20 rule suggests saving 20% of your income, split between retirement and other goals, after covering 50% for needs and 30% for wants. By age 30, you might aim for 1x your salary in total savings, increasing to 3x by 40, and 8x by 60 for retirement, according to some guidelines.
When asked when they plan to retire, most people say between 65 and 67. But according to a Gallup survey the average age that people actually retire is 61.
In fact, the median bank account balance among U.S. adults was $8,000 in 2022, according to the Federal Reserve. 1 So if you have $30,000 in your bank account, you're doing relatively well.
An annual salary of $50,000 is considered a middle-class income, and can be a comfortable wage for a recent graduate or a person starting a new career. A single person may not be able to live large in some areas of the country, but that doesn't mean they can't live comfortably elsewhere.
You retire at 40 – With an estimated life expectancy of 90, you need 50 years of income. Across those years, $2 million could equate to approximately $40,000 annually or $3,333 monthly. This should be enough to cover you, but things may be tight if your outgoings are high as a retiree.
You might have too much in savings if: You have more than your emergency savings and other short-term goals. If you've saved beyond your emergency savings goal and any short-term goals, you may not need more than that in your savings account. You're losing purchasing power.
The median net worth of an individual in the UK is £125,000 when taking the average of all age groups into account, according to the latest available data from the Office for National Statistics (collected between 2018 and 2020 and published in September 2023).
The Rule of 69 is a simple calculation to estimate the time needed for an investment to double if you know the interest rate and if the interest is compounded. For example, if a real estate investor earns twenty percent on an investment, they divide 69 by the 20 percent return and add 0.35 to the result.
Your $500,000 can give you about $20,000 each year using the 4% rule, and it could last over 30 years. The Bureau of Labor Statistics shows retirees spend around $54,000 yearly. Smart investments can make your savings last longer.
