How much savings should someone in their early 30s have?

Greg89

I'm 33, I've been working for the last three years and have a few thousand pounds worth of savings, not renting 

However there are people who are the same age who have been working for several years after a graduation job and some working since 18 and they have a mortgage to pay

I know someone with a mortgage and roughly £12k savings earning the same as me £160,  however he's been working since 18 and paid a sizeable deposit before 

On average, how much savings will an individual of the same age have?

Robin9

You should have an emergency fund at least £1000 to cover that replacement washing machine, car MOT repairs.

Plus 3/6 months salary should you loose your job  such that you can pay your rent, utilities, food.

JGB1955

Impossible to answer.. everyone's circumstances are different.  Both of our children had mortgages well before 30, along with (1/2 children) by that time.  I doubt there was ANY money left at the start of their journey.  They are now approaching 40+ with a good bit of equity in their accounts.  At least £100K each

sourcrates

There are those who save fervently, from an early age, but sacrifice a life to do so, there are others on good salaries who can boast 100k of savings, some spend and are in debt, with no savings at all, many more in minimum wage jobs to whom savings are a far off dream, there is no "one size fits all" answer to this, it depends on many things, your job, your circumstances, where in the country you live, your background, the cost of living crisis is cutting deep into the pockets of the less well off, to be honest, these days, if you have any savings, consider yourself very lucky, as most haven`t any.

Floss

sourcrates said:

There are those who save fervently, from an early age, but sacrifice a life to do so, there are others on good salaries who can boast 100k of savings, some spend and are in debt, with no savings at all, many more in minimum wage jobs to whom savings are a far off dream, there is no "one size fits all" answer to this, it depends on many things, your job, your circumstances, where in the country you live, your background, the cost of living crisis is cutting deep into the pockets of the less well off, to be honest, these days, if you have any savings, consider yourself very lucky, as most haven`t any.

How long is a piece of string? Some people will have had gifted deposits, some will have student loans payments, some won't drink or run a car so have lower expenditure.

JayRitchie

Do you mean savings as in accessible cash in the bank, or cash in bank plus pensions savings?

Some people prioritise one or the other. Lots of different circumstances may apply.

strawb_shortcake

I was reading the other day that higher earners may well struggle more with the COL crisis as their mortgages and debt represent a greater cost and a greater percentage of their income. Coupled with a typical more extravagant lifestyle, there can be less resilience in the budget of a higher earner than a lower earner. 

You don't have to stray far on these boards to see examples of this

Zaul22

Just an emergency fund (1-2 years worth of living costs) and nothing more. We are destroying the planet, there's not much point having more than that. 

Brenster

If you compare yourself to others, you can always feel either better or worse about your position dependent on who you are comparing yourself with.
There is no correct answer to your question, but at your age i was on the housing ladder (bought at 25), with some decent equity built up.  I was coming to the end of paying of my debts from my younger / student days, and starting a family, so probably had next to zero savings.
I could split my financial life as follows 1-20 (dependant on parents), 20-30 Studying /accumulating debt / building career / getting on housing ladder / married 30-40 Starting a family / starting saving / startin pensiong growth, progressing career, am currently in the 40-50 range and see this as the accumulation phase, building for a hopeful early retirement (55 ish), and a solid financial start for my children.
Good Luck

Potbellypig

Don't ever beat yourself up about how much you think you should or shouldn't have at any point in your life.

Greg89 said:

I'm 33, I've been working for the last three years and have a few thousand pounds worth of savings, not renting 

However there are people who are the same age who have been working for several years after a graduation job and some working since 18 and they have a mortgage to pay

I know someone with a mortgage and roughly £12k savings earning the same as me £160,  however he's been working since 18 and paid a sizeable deposit before 

On average, how much savings will an individual of the same age have?

400ixl

Zaul22 said:

Just an emergency fund (1-2 years worth of living costs) and nothing more. We are destroying the planet, there's not much point having more than that. 

Unlikely that climate change is going to cause the planet to implode in the OP's lifetime, so not sure what that has to do with anything.

As others have said, different people have different outlooks and priorities. Some are in the live life now and don't consider anything past the immediate term. Others take the view that poverty in retirement is not something they want to risk.

You have to find that balance which is right for you.

Having an emergency pot is step 1, then getting that to a reserve pot that can cover say 6 months of living costs (not 6 months equivalent income). Alongside that getting any pension contribution you can from your employer as that is free money, but may require you to contribute.

After that it is really what are your priorities, saving for a deposit for a house, starting a family, getting ahead with you pension, living life for today.

Do your research to find different options then pick the one that feels right for you.