How much should a 20-30 year old have in savings

tjlane_2

I feel most people my age have bigger savings than me

Lokolo

I wouldn't worry about others. Salary ranges from £15k to £100k easily in this age group.

Basics I would aim for

21: Emergency savings of 2-3 months
25: Pension started and house deposit savings start
30: Property purchased

Alexland

I wouldn't get too tied up with numbers but ask yourself if you are working in a role that uses your full potential - if not, what's the plan? And are you balancing the spend for today against your long term needs in providing yourself financial security for the future?

DigForVictory

If you can cover all your expenses (rent, insurance, utilities, food) both today & for the next 120 days, you've a pension started & maybe even a mortgage you are doing fine. Better than many 20-30 year olds.

If not, time to start scheming & my word have you come to the right site!

If you're in debt (doesn't sound like it, but these things can happen) post a Statement of Affairs and let the enthusiasts revise your life and get your feet solidly onto the path of fiscal wisdom!

ETA just realised Lokolo 'way ahead of me, but I do urge you to post an SOA & see what happens...

atush

This is flexible as we dont know a lot about you.

Such as how much you earn, and what your living costs are.

Earning 15K per year, and having outgoings of 12K, you'll have a lot less than someone earning 20K and living at home with outgoings of rent/phone/petrol of say 300-400 per month.

AS above you should join your employers pension, you should spend less than you earn- aiming to initially save 3 months outgoings as an emergency fund. Then continue to save for first house/car etc.

Ladykernow

If you haven't got anything saved, I would consider starting now. Start writing what comes in and what goes out. Then think about what you could not spend money on, or could you lower a bill?

Don't pay attention to what other people have. Focus on what you can do.

enjoyyourshoes

Might want to consider %'ages instead of raw £ figures.

Its a great age to start considering how much, what %'age and how often you spend/save/invest and on what.

There are generic %'ge available for different folk at different stages of their life journey. So might be worth dipping into these as a guide only, rather than definitive allocation.

Also look into the difference between savings and investment and the risk/rewards associated with each. Thus becoming more financially aware.

This may help your awareness of different products and what may be of interest/available to yourself.

Good luck on your journey to financial independence.

steampowered

That's quite a big range.

A 20 year old shouldn't have anything more than trivial savings. They would normally be in full time education or in an apprenticeship-type role.

A 30 year old should probably think about having saved a house deposit, given that 30 is the average age of a first time buyer in the UK.

Alice_Holt

tjlane wrote: »

I feel most people my age have bigger savings than me

At that age, I'd be more exercised by increasing future earnings potential, through additional qualifications / work experience / establishing contacts.

Flobberchops

Huge disparity. It's not unheard of for a 30 year old to still be in further education, or only just (re?)entering the workforce due to illness, injury, having been an unpaid carer, leaving the armed forces, leaving prison, etc. Some 30 year olds are married and stay at home parents and may have no intention of ever holding a salaried job. Best not to compare yourself to others as it's human nature to assume the grass is greener on the other side.

Perhaps if you told us a little more about yourself, your current situation and your goals, we could offer some suggestions?

TheTracker

Alice_Holt wrote: »

At that age, I'd be more exercised by increasing future earnings potential, through additional qualifications / work experience / establishing contacts.

100% agreement with this. Invest in yourself first. Push your capability and salary to the level you're capable of and comfortable with having to perform the work to attract. At 30 I had no property, no pension contributions, no dependents and a net worth in the low tens of thousands. And easily 7 figures 10-15 years later, plus a dependent family. The 20's were about increasing future earnings potential. Most of all, sketch out a plan and ignore 'you should have done X by Y' edicts, including my experience. Model your life ahead of you.