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:
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