Average UK's savings

Dragon2017

Hello All,

Not sure if any one can point me in the right direction.

Can anyone tell me when I can find out the average savings for an adult in the UK?

If they have age brackets and the average savings this would be amazing

Thanks

Alexland

It is probably hard to collect accurate data as some people will have low savings and lots of investments, others will have high savings but some debt, others will count their DC pension pots, others will not have a value for their DB pensions, others won't count their high balances in 123 bank accounts, do you include people with no savings and net debt, etc.

Is there an underlying concern that is driving this question that we can help you with?

Alex

Superscrooge

The below articles give details of average savings amounts in UK, although they don't agree on the actual amount!

https://www.lovemoney.com/news/27284/what-the-average-briton-is-worth
http://www.nationwide.co.uk/guides/news/articles/2016/10/60-something
https://www.theguardian.com/society/2017/feb/20/one-in-four-uk-families-have-less-than-95-in-savings-report-finds
http://www.bbc.co.uk/news/magazine-35801951
http://www.thisismoney.co.uk/money/saving/article-2769290/Majority-Brits-1-000-saved-surprise-cash-Isa-rates-record-low-1-17.html

Neil_Jones

Average savings will depend on many things such as where you live, whether you have a mortgage or rent, how big the family is, what your lifestyle is, what sort of job you have/how much it pays and how high your monthly bills are.

Earning a lot of money doesn't mean you're financially sound or can even afford to have savings. Families with six children for example can earn a five digit sum a year, claim the child benefit and the child element of working tax credit and yet still not have enough to live on never mind save. In a way a victim of their own success so to speak.

I'd say if you're happy with your life and where you are savings wise, you've got enough to pay at least two unexpected bills and you can afford the monthly bills, then don't worry about what "the average" is. The average wage in this country is apparently £500 a week. I've never had anywhere near that nor does anybody I know...

Eco_Miser

Apart from the difficulty of defining 'savings' as mentioned above, there is also the problem of defining 'average'.
Do you want the mean (total savings divided by number of people), the median (the one in the middle) or the mode (the commonest)?
With a highly skewed distribution such as savings, the three are wildly different.

Joe_Bloggs

Quite a bit household Income data is collated by the Office of National Statistics:-
J_B.