Average Briton has £2,205 in savings

vaporate

Average Briton has £2,205 in savings

"(Reuters) - The average Briton held readily accessible cash savings of 2,205 pounds at the end of 2009, little changed from the start of the year, a new survey by Dutch bank ING Direct showed on Friday.


This median figure is sharply lower than the mean level of savings of 23,500 pounds implied by Bank of England aggregate data, as it is less affected by the fact that the wealthiest 5 percent of Britons hold a third of total savings."


Source: http://uk.reuters.com/article/idUKTRE60S01B20100129

I thought it was a interesting read.

Few months old article but a goood read.

dopester

Or what about this in the FT, March 2010:

According to the report 5.4m individuals in the UK spend more than they earn every month or just break even. The figures also showed that over half of Britons have less than £100 left in their bank account when all else has been paid each month.

HPI+ please come back and magic us getting richer again.

1984ReturnsForReal_2

How much "average debt" did they have?

SailorSam

I only need another £2204.90 in the bank and i'll be average.

1984ReturnsForReal_2

SailorSam wrote: »

I only need another £2204.90 in the bank and i'll be average.

I need about another £180,000 more than you then..

Degenerate

According to the report 5.4m individuals in the UK spend more than they earn every month or just break even.

That last bit makes all the difference. This would include low income people who are just getting by, not just "HPI-cheering debt junkies living beyond their means" or whatever the terminology is these days.

mbga9pgf

Well, we will be "just breaking even" for the next 5 months. We will then be nailing mortgage overpayments for 2 years and reducing our mortgage debt by 60K. Does that count as "Just breaking even"?

lola34

I did before children!!!!!!!

HAMISH_MCTAVISH

I read recently that the reduction in interest rates had cost society 18 billion a year in lost income on savings, but gained society 24 billion a year in reduced expenditure on debt service.

So Britain had an £6 billion a year gain from reducing interest rates.

Edit: 6, not 8, that'll teach me to post before coffee.

System

HAMISH_MCTAVISH wrote: »

I read recently that the reduction in interest rates had cost society 18 billion a year in lost income on savings, but gained society 24 billion a year in reduced expenditure on debt service.

So Britain had an £8 billion a year gain from reducing interest rates.

I make it 6 billion, but yeah

Asheron

This is BS, most Brits are in Debt.

Credit Cards, Loans, Finance

Why do we keep kidding ourselves?

vaporate wrote: »

Average Briton has £2,205 in savings

"(Reuters) - The average Briton held readily accessible cash savings of 2,205 pounds at the end of 2009, little changed from the start of the year, a new survey by Dutch bank ING Direct showed on Friday.


This median figure is sharply lower than the mean level of savings of 23,500 pounds implied by Bank of England aggregate data, as it is less affected by the fact that the wealthiest 5 percent of Britons hold a third of total savings."


Source: http://uk.reuters.com/article/idUKTRE60S01B20100129

I thought it was a interesting read.

Few months old article but a goood read.