The average Brit has £19,214 in savings, according to a recent survey by fintech company Finder. However, this figure masks significant disparities: 39% of UK adults have £1,000 or less saved, a quarter have £200 or less, and one in six (16%) have nothing put away at all—amounting to around 8.9 million people.
Savings by age group
For those aged 18-24, the average savings balance is £2,699. At this stage, average annual salaries range from £24,440 to £32,292 for those working 30 hours or more per week, according to Forbes. The 50/30/20 rule—allocating 50% of income to needs, 30% to wants, and 20% to savings or debt—can help younger savers build a habit without overstretching.
In the 25-34 bracket, average savings jump to £11,023, but only 23.4% have more than £10,000, while 46.3% have £1,000 or less. Average wages here range from £32,292 for those up to 29, rising to £39,988 for ages 30-34.
Mid-career savings trends
For ages 35-44, typical savings are £13,379, with only 23.9% holding over £10,000. Earnings average £39,988 up to age 39, then rise to £43,500 for ages 40-49, according to ONS data.
Those aged 45-54 have average savings of £12,452. However, average salaries drop to £40,500 for ages 50-59. Forbes notes that wages peak in the late 30s and mid-40s due to career advancements, experience, and promotions. After 50, pay may decline due to early retirement, part-time work, or health issues.
Retirement-age savings
Despite declining wages, the 55+ age group has the highest average savings at £33,420. Only 27.3% have less than £1,000, and 36.8% have over £10,000. For those still working from age 60, the average annual salary is £36,036.
Expert tips to boost savings
Matthew Sheeran, money saving expert at Money Wellness, advises against pressuring yourself to save large amounts immediately. “Even a pound or two a day can make a difference over time if you stick with it,” he says.
For beginners, he recommends the envelope method, or “cash stuffing,” which involves withdrawing your earnings as cash and dividing it into envelopes for different spending categories like food, travel, and socialising. This creates clear limits and helps you track spending.
“Another simple trick is to save what you didn’t spend,” adds Sheeran. “If you get a discount on something, or you cancel a subscription, move that money straight into savings. You didn’t miss it, so it’s the perfect time to build your emergency fund.”
He also emphasises that help is available for those struggling, “whether you’re struggling with debt or just want a bit of help getting your finances back on track.”
