Average Savings?

[Deleted User]

I suspect your savings is very dependant on your age and lifestyle. Not to mention, how much you spend compared to your income..

After uni, at 22, i was down about 7k in debt. Fast forward 3 years of working.... i was 25, no debts, had about 12k saved, 2 years later, it was down to about a grand (bought a home, got engaged, had a couple of holidays). Now its back up to around 13k, but i expect that to drop again as I want to buy a bigger home.

I don't think i'd feel comfortable without a couple of grand in 'buffer' savings. It would be crazy for me to have 60k of savings - they would be much better off being used to pay off my mortgage.

Personally, i prefer to look at it as having 70k in assets (savings, house and car) at the moment (30 years old)

If you consider that the average 'non-mortage' debt is around 7k, the 1.8k savings figure sounds quite right

Lokolo

bendix wrote: »

Can you lend me a tenner until payday, Loks?

Yeh sure - Western Union ok?

Lokolo

Reemo12 wrote: »

Wow lokolo, thats great, did you inherit that?

No a lot of it is from saving my student loan (as I get my accomodation and living expenses paid for - lucky me eh) and jobs I have had in the past.

misspiggy_2

I think you need to simplify your project to either, money readily accessible in a bank or building society available to the average Briton, or, net worth of the average Briton (by age possibly) and rather just asking on this board (which I do not believe is a respresentative group for your project) for those reasons other posters have given above, do a search on the net. Plenty of reports available i.e % home ownership, average mortgage, average savings etc..

[Deleted User]

You need to put some more 'meat on the bones' of this survey:

Age:
highest level of education (GCSEs/A Levels/Degree/Post-graduate):
Home-owner status (Renting/mortgage/own house outright):
Married:
Number of children:
Finally...Amount of cash savings:
Also:
Debts/Loans:

e.g. - i might have 12k in savings, but i also have a car loan for more than that

BTW, this is a bad place to ask this question.. just asking in the wrong board can throw off your scores.

Lokolo

Yes, if you ask in the Debt Free Wannabe board you'll get the complete opposite of the scale!

lisyloo

Britons have many savings vehicles open to us i.e shares, bonds, unit trusts etc.

Those are generally called investments and not savings.

lil'H

£1100 (was more until I brought my house) - aged 28 single parent, working

HappyMJ

ringo_24601 wrote: »

You need to put some more 'meat on the bones' of this survey:

Age:
highest level of education (GCSEs/A Levels/Degree/Post-graduate):
Home-owner status (Renting/mortgage/own house outright):
Married:
Number of children:
Finally...Amount of cash savings:
Also:
Debts/Loans:

e.g. - i might have 12k in savings, but i also have a car loan for more than that

BTW, this is a bad place to ask this question.. just asking in the wrong board can throw off your scores.

You missed HND it's more than A levels but less than Degree. I never know how to answer that question when I'm asked it. I clearly have A levels and spent a further 2 years on a HND course but to get a degree I need to spend 1 more year studying to get it.

For home owner status I both own and rent the house I'm in. It's shared ownership.

Oh and i'm not married, technically single but I have a partner. No kids.

misspiggy_2

thanks Lisyloo, just goes to prove how results can be skewed by individual interpretation. I personally like to view my investments (other than the value of my assets - house, cars, gold, antiques) as my savings as I take a very low risk/cautious approach when choosing what to invest in i.e premium bonds. Others (probably a majority!) would define 'savings' as just those they have readily accessible in the bank.