Average savings by age in the UK

Many people are quite private when it comes to what is in their bank account. This could be through not wanting to show-off or being worried that they aren’t where they feel they should be in terms of savings.

With almost a third (30%) of Brits having nothing saved, we look at how much people have on average according to their age.

It’s no secret that saving money is important. It can help you out if you have an unexpected expenditure, such as job loss, car repairs, or replacing an appliance at home.

According to research from Finder in 2024, the average person in the UK had £11,185 saved. However, this amount differs as you focus on age groups. Unsurprisingly, younger people have less savings due to increased expenses and lower earnings, whereas older people (born 1946-1964) are likely to have more having built up more wealth over the years.

Here are the average savings by age according to unbiased:

Age Average savings
18-24 £3,636
25-34 £3,748
35-44 £5,714
45-54 £9,402
55-73 £18,245
74+ £36,940

Source: Unbiased, 2024

There are a few factors that impact on saving. Those with a higher income are more likely to put money away as opposed to those earning less will have a lower disposable income.

Below are some tips to save money:

  • Budget - going through your bank statements to get a clear idea of outgoings. This also can help you to see where you can reduce your spending and save
  • Make savings secure but inaccessible – it can be tempting to dip into savings if it’s easy to do so. Pick a savings option that doesn’t allow easy access to your money, these are often a higher interest rate
  • Save before spend – put money into your savings account as soon as you’ve been paid, that way you know what you have left over is yours to spend on what you wish after all other expenses have been paid
  • Take a look at your debts – you may find you can do a balance transfer and benefit from a period of interest-free payments helping with monthly outgoings.

Recent posts

Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break

The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.

Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.

There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.

Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.

Data shows landlords could miss out on green mortgages due to expired energy performance certificates.

Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.

Equity release is a type of mortgage that allows homeowners 55 and over to access money from their property's equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.