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:

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.