Average cash savings by age (UK)

Data shows the average amount of cash savings held varies widely depending on age, with younger age groups having far lower levels of savings than older counterparts.

Percentage of the UK population with no savings

A large proportion of the population has very little or no savings to fall back on in an emergency. This means many people are financially vulnerable, and would struggle if they lost their job or had an illness that meant they couldn’t work, for example.

FCA data shows 30% of people don’t have any form of savings account (although this doesn’t necessarily mean they have no savings or alternative financial cushion), and research published in February 2024 by the independent think tank the Resolution Foundation found one in three working families have less than £1,000 in savings.

Finder’s survey data shows almost half of UK adults (46%) have £1,000 or less in savings with 25% having less than £200 saved, meaning they would struggle to cover living expenses for more than a month.

I do like comparing myself with others in the same age bracket. However the above does not take into consideration the value of property, which would put most into the half million or even million assets club. Who knows when the prophesy made by the Powers that Be ‘ you will own nothing and be happy’ will come about. Hopefully, never.