How much savings should i have at 25 years of age?

Eponym

That's a fantastic amount of savings! I'm 27 and have saved about £32 kwith another £3000 in investments and a Civil Service pension. I don't have expensive tastes and have saved that while living at home. I'm now looking for a house to buy so I will be poor again!

All this talk of £29 k being a low salary for a graduate is depressing though! I'm a graduate with 5 1/2 years work experience and have just started a new job on £23.5k, having previously been on less than £20 k. That said, it's taken me this long to find a job in my chosen field!

thumshie

it's all relative, Mark Zuckerberg was worth around $2.4 Billion at 25 and constantly comparing yourself to others may not lead to a happy life..

Also stating current savings isn't an indicator, as what if you inherited £1M at 18 and all you've got left now is £45K :O)

planteria

salaries are so varied it is hard to even start. if you want to earn more money, look into ways to do so.

£45k seems a good lump sum to me. working out where best to put that, and to continue to save, is the next stage. lots of logic for keeping it in cash and saving a deposit for a home. also lots of logic that putting a useful sum into a pension pot, with many years ahead for it to grow.

p00hsticks

m27try wrote: »

Could anyone advise what sort of salary someone of 25 years old should be on? and by the age how much they should have in savings by then?

My salary started at £18k, however i am now on £29k/annum & have about £45k in savings.

I don't think your age is as significant as what you actually do for a living, which I can;t see that you have mentioned. If you're a premiership footballer, accountant, solicitor or doctor you're underperforming. If you're a bartender, roadsweeper or cleaner then you're probably earning better than average for your profession. (I'm not saying that one set of jobs is inherently any more or less useful than the other, just that it;s the way of the world that the salaries for one set tend to be higher than the other).

The latest ONS survey says that the average amount a full time UK employee is paid before tax is £517 a week - so you are earning above average for the country as a whole.

lalman

Its interesting isn't it. You can never save or have enough money but from my perspective i think your earnings and savings are really really good.

I would class myself as frugal and have less saving's than you and older (27 soon to be 28). Quite depressing really!

But well done, keep up the good work and i am sure this (as i hope for myself) will pay off in later life... If you can save say 6k a year instead of 9k by the time your 30 and with interest... you will be closer to 100k than not.

Well done again

gadgetmind

Hard to judge on salary as I didn't spot mention of what your degree is in nor your profession. We pay grads £28k-£30k from day one and this is fairly generous for the grim North.

I'm guess that legal/financial grads Darn Sarf wouldn't get out of bed for this.

lkmc01

I am 29 years old and live with my partner of 30 years old and 2 children. We bought a house in 2011 worth 85k and used my 3 years of student loan and a bit of savings as a deposit. In term of savings we have about £80. My partner earns 20k a year as a coach driver working about 45 hours a week. We get tax credits (100 a week) and child benefit.

foofi22

gadgetmind wrote: »

Hard to judge on salary as I didn't spot mention of what your degree is in nor your profession. We pay grads £28k-£30k from day one and this is fairly generous for the grim North.

I'm guess that legal/financial grads Darn Sarf wouldn't get out of bed for this.

Decent wage, what line of business are you in?

gadgetmind

foofi22 wrote: »

Decent wage, what line of business are you in?

We mainly hire graduates with Computer Science or Electronic Engineering degrees and we employ them in exactly those areas. Finding enough good candidates is *very* hard as our universities simply don't train enough engineers.

Fortunately, our office is in a lively city centre, and local house prices aren't mad. so getting young people from other countries isn't too hard. It would be easier if our weather wasn't so pants!

YoungBusinessman

Well I'm 3 and a half years behind you, I have about £17k but I have invested £15,500 of that. I also have a mortgage that is joint with oh. I have £18k business debt that only takes out 20% of net in lncome so is affordable. Aiming to have net worth of £75k by 25, excluding pensions.