Savings are critical both in the short and long term, to help households weather emergencies and eventually fund the retirement you want. When thinking about how much to save, we often first wonder how much other people save. To get some clarification on this, we dug into data from the Office for National Statistics' Wealth and Assets Survey.
Below we'll explain how much households save each month and each year, as well as break down overall savings and wealth levels. Including by different age groups. Find out how much your peers have saved compared to you. Note, most of the data in this article reflects household savings, not individual savings. For insight into wealth per adult, see the last section.
- Average savings UK
- Average wealth UK
Average Household Savings UK
The average savings in the UK is £76,301 per household. This figure reflects all gross 'financial wealth' such as current and savings accounts, ISAs, shares, bonds, trusts and other formal financial assets.
However, most households have less savings than this, since the 'average' figure is skewed up by a small number of households with very high savings levels. For this reason it can be more useful to consider the 'median'—50% of household have less than the median amount saved, and 50% of households have more. The median household gross savings in the UK is £12,500 (up from £11,000 two years ago). But 25% of households have less than £2,100 saved.
Note: these are 'gross' figures which reflect assets, but do not take into account financial liabilities, like overdrafts and unpaid balances on credit cards. We discuss net financial wealth figures later in the section on savings by age.
|How much does the average person have in savings UK?|
|25th percentile point||£2,100|
|Median - 50th percentile point||£12,500|
|75th percentile point||£58,500|
Types of household savings
When households do have savings, how much of each type do they have? Of households with savings accounts, the median amount saved in those accounts is £5,500.
Of households with ISAs, the median amount saved is £9,200 in cash ISAs and £31,000 in stocks and shares ISAs. More people have cash ISAs than shares ISAs. Of those with fixed term bonds, the median amount is £25,000. And the figure is £40,000 for unit/investment trusts. All of these figures reflect households with each type of asset and exclude households without each type of asset.
|Typical savings for households with formal financial assets||Median Amount|
All current accounts
|Current accounts in credit||£2,000|
|Current accounts in overdraft||£400|
|Stocks and shares ISAs||£31,000|
|Innovative Finance ISAs||£7,500|
National Savings certificates and bonds
Fixed term bonds
Employee shares and share options
Other formal financial assets
Any formal financial asset including current accounts in credit
Average savings per month UK
The typical UK household saves £180 per month—this represents the median amount saved each month. That means that 50% of households save less than £180 a month and 50% of households save more.
The average savings per month UK is £450 per household. This figure is higher than the median figure due to a small number of households with very high savings rates. For example, households in the top quintile of income save an average of £1,817 each month. In contrast, the bottom quintile of earners saves -£352 a month.
|How much do UK households save each month?|
|Median (50% of households save more than this, 50% save less)||£180|
How much should I save each month?
The households saving ratio in the UK has averaged 8.7% over the past ten years. The household savings ratio is household savings as a proportion of household disposable (after-tax) income. The household saving ratio did jump up to 27.4% in Q2 2020 and 16.9% in Q3 2020, but these are not typical savings figures.
When thinking about how much you should save each month, it can be useful to know how much other households in your age group save as a proportion of their after-tax income—although it is up to you to decide how much to save given your situation. The table below shows median savings rates by age of the Household Reference Person (HRP):
|Savings rates by age||Median saving rate|
|Age of HRP: 0-34||( 0.13%)|
|Age of HRP: 35-44||9.1%|
|Age of HRP: 45-54||10.4%|
|Age of HRP: 55-64||8.5%|
|Age of HRP: 65-74||11.2%|
|Age of HRP: 75+||11.4%|
Average savings per year UK
The typical UK household saves £2,160 per year—this represents the median amount saved annually, so half of households save less than £2,160 each year and half save more.
The average amount saved each year is £5,403 per household. This average figure is more than 2X higher than the median figure because a small number of households have very high savings rates. For example, households in the top quintile of income save an average of £21,798 each year. In contrast, the bottom quintile of earners saves -£4,221 a year.
|How much do UK households save each year?|
|Median (50% of households save more than this, 50% save less)||£2,160|
Average household savings by age UK
The age group with the highest level of average savings (i.e., financial wealth) are 45 to 54 year olds, achieving net financial wealth of £133,900 on average. However, if we look at "median" figures instead of "average" figures, then the "typical" household in this age group has between £5,000 and £12,500 of net financial wealth. Net financial wealth reflects savings via current and savings account, stocks, bonds, shares, trusts, ISAs, and other financial assets, less financial liabilities like unpaid credit card balances.
As discussed above, "average" figures are skewed upwards by households with very high levels of savings.
Here are stats on how much people have saved on average in different age brackets so you can compare your savings to that of your peers.
|Average savings by age UK||Average net financial wealth||Median net financial wealth|
|16 to 24 years old||£7,600||£500 - £5,000|
|25 to 34 years old||£8,200||£500 - £5,000|
|35 to 44 years old||£35,300||£500 - £5,000|
|45 to 54 years old||£133,900||£5,000 - £12,500|
|55 to 64 years old||£94,000||£12,500 - £25,000|
|65+ years old||£103,100||£25,000 - £50,000|
The average savings (net financial wealth) at 25 - 34 years old is £8,200, but the typical person in that age range has £500 to £5,000. But savings amounts vary quite a bit from one household to the next. This savings chart shows average savings for different ages.
The average UK savings for 30 year olds is around £8,000 of net financial wealth (savings like current and savings accounts, stocks, bonds, etc. less financial liabilities), but the median figures are in the range of £500 to $5,000. Savings amounts vary quite a bit from one household to the next, and average figures are higher than median (typical) figures because a small number of households have a very high level of wealth, which pulls up the average. This savings chart shows average savings for different ages.
The average savings for households where the reference person is aged 35 - 44 years old is £35,300, but the median household savings in this age group is £500 to £5,000. You may need a different amount of savings. This savings chart shows average savings for different ages.
The average savings for households where the reference person is aged 55 - 64 years old is £94,000, but median savings are £12,500 - £25,000. Your savings requirements may differ. This savings chart shows average savings for different ages.
Average retirement savings UK
How much does the average retiree have saved? Those in the 65 - 75 year old age bracket have an average total wealth of £692,300—£103,100 of which is 'savings' (i.e., financial wealth like current and savings accounts, ISAs, stock, bonds, trusts, etc.). However, the median amount of retirement savings is £25,000 - £50,000 (this means that half of households have more than this and half have less). This savings chart shows average savings for different ages.
Average Wealth UK
The typical UK household has £241,104 in total wealth—this figure represents the average wealth of households in the 5th decile of wealth across all age groups. Total wealth is composed of four different types of wealth:
- Financial wealth (net). The value of financial assets held including formal investments (e.g., current or saving accounts, investment vehicles such as ISAs, endowments, stocks and shares) and informal savings.
- Physical wealth. The self-reported value of owned household contents, possessions and valuables, including antiques, art, collections and any vehicles owned by individuals.
- Private pension wealth. The value of pension pots already accrued that are not state basic retirement or state earning related, including occupational pensions, personal pensions, retained rights in previous pensions and pensions in payment.
- Property wealth (net). The self-reported value of any property owned, including a main residence plus any other land or property owned in the UK or abroad.
The average household wealth is £562,408. The average figure is higher than the median figure because averages are skewed upwards when there are some very large data points. In this case, some households who are very wealthy.
Average wealth by age UK
Here is a chart showing average household wealth by age, across the four components of wealth: physical wealth, property wealth, private pension wealth and financial wealth (i.e., savings). Remember, average figures are higher than "typical" or median figures, as they are skewed upwards by those with high levels of wealth.
It's important to point out that the figures reflect the average wealth of the household not per person.
We've had a reader enquire about the average wealth per adult instead of per household. It's a great question. To estimate an answer, we adjusted the ONS household wealth data by the number of adults per household (which varies by age group) to arrive at per-adult figures. Here are the results:
|Average wealth per adult||Physical wealth||Property wealth (net)||Private pension wealth||Financial wealth (net)||Total wealth|
|16 to 24||£8,958||£16,719||£4,427||£3,958||£34,063|
|25 to 34||£17,697||£30,169||£18,146||£4,607||£70,618|
|35 to 44||£25,389||£77,278||£62,222||£19,611||£184,500|
|45 to 54||£26,587||£91,058||£129,135||£64,375||£311,154|
|55 to 64||£30,150||£127,900||£224,550||£47,000||£429,600|