Are you keeping up with everyone else when it comes to saving? It’s the question that keeps many of us awake at night, scrolling through our banking apps at 2am.
Here’s the thing though – fresh data from October 2024 reveals exactly what people across the UK actually have saved. And honestly? The numbers might make you feel better about your own situation.
What People Actually Have Saved (The Real Numbers)
Let’s start with the facts. According to the latest Finder survey of 2,000 UK adults, here’s what the average person has in cash savings:
18-24 years old: £3,636
25-34 years old: £3,748
35-44 years old: £5,714
45-54 years old: £9,402
55-73 years old: £18,245
74+ years old: £36,940
Notice something? Your twenties and thirties look remarkably similar. That’s because you’re probably juggling student loans, entry-level salaries, and saving for your first house.
Then comes the dramatic jump once people hit their late fifties. Why? Mortgages start winding down, pension lump sums kick in, and inheritance money sometimes arrives.
The ISA Picture Tells a Different Story
When you look at ISA balances (that’s cash plus investments combined), the numbers shoot up significantly:
18-24: Around £7,700
25-34: Around £9,500
35-44: Around £14,600
45-54: Around £25,600
55-73: Around £43,100
74+: Around £63,400
Why such a big difference? People who consistently use ISAs tend to be habitual savers. They’ve made saving automatic.
Before You Panic About Being "Behind"
Hold up. Before you start feeling terrible about your bank balance, you need to understand what these numbers actually mean.
These are “mean” averages. That’s important because if one person has £50,000 saved and nine others have £500 each, the average comes out to £5,450. But most people in that group actually have far less.
Here’s something that might surprise you: 10% of UK adults have no emergency savings at all. Another 21% have less than £1,000 put aside.
So if you’re worried about being behind, remember that roughly one in three people are struggling with savings too.
What Really Matters at Your Age
Comparing yourself to national averages isn’t always helpful. What actually matters is whether you’re prepared for life’s unexpected moments.
Your 20s and 30s: Don't Stress the Small Numbers
If you’re in this bracket, those modest savings figures make perfect sense. You’re probably dealing with:
- Student loan repayments
- Building your career from the ground up
- Saving for house deposits
- Maybe starting a family
Focus on building an emergency fund covering 3-6 months of essential expenses. Even £1,000 is a solid foundation.
Your 40s and Early 50s: The Financial Squeeze
This is often the toughest period for saving money. You might be managing:
- Childcare costs that rival a mortgage payment
- Peak mortgage payments
- Supporting aging parents
- Career pressures and potential job changes
Don’t beat yourself up if your savings feel stuck during these years. You’re investing in your family’s future in ways that don’t show up in bank statements.
Your Late 50s Onwards: When Things Accelerate
This is typically when savings really start growing. Several things usually happen:
- Mortgage payments finish or reduce significantly
- Children become financially independent
- You might access pension benefits
- Career earnings often reach their peak
Many people also start moving money from riskier investments into cash as retirement approaches.
The Mid-Life Savings Crunch is Real
Let’s talk about something the averages don’t show – the massive variation in savings during your 35-54 years.
This period hides huge differences between people. Some are powering ahead with their savings, while others are barely keeping their heads above water.
Childcare, mortgages, and caring for elderly parents can completely squeeze your ability to save. If this sounds like your life right now, you’re not failing at money – you’re dealing with expensive life stages.
Simple Ways to Boost Your Savings
Want to improve your numbers without dramatic lifestyle changes? Here are some practical moves:
Get your money out of current accounts. About 40% of people still keep savings in accounts paying virtually nothing. Moving £5,000 to a 5% savings account gives you an extra £250 a year – that’s a nice weekend break.
Shop around every year. Set a calendar reminder to check savings rates annually. It takes 30 minutes and could earn you hundreds.
Use your ISA allowance properly. You can save £20,000 a year tax-free. Cash ISAs are paying up to 4.9% right now, and you won’t pay tax on the interest.
Automate everything. Set up a transfer to move money into savings on payday, before you can spend it. Even £50 a month adds up to £600 annually.
Why the Numbers Jump After 55
The data shows a steep increase in savings once people hit their late fifties. This isn’t just because people suddenly become better at saving.
Several major financial changes typically happen:
- Many people take 25% of their pension as tax-free cash
- Property values have often increased significantly
- Some receive inheritance money
- Risk tolerance changes, so money moves from investments to cash
If you’re approaching this age and your savings don’t look like the averages, don’t panic. These figures include people who’ve benefited from property booms, generous final salary pensions, and family wealth.
The Reality Check You Need
Here’s the bottom line: the “right” amount to save isn’t about keeping up with anyone else.
Your savings should cover three essential things:
- Emergency expenses (3-6 months of essential costs)
- Your future plans (holidays, house moves, retirement)
- Peace of mind (whatever amount helps you sleep at night)
Whether that’s £3,000 or £30,000 depends entirely on your life, not national statistics.
Some people will always be ahead of the curve. Others are playing catch-up. What matters is that you’re moving forward, even if it’s just £20 a month.
The best time to start saving was yesterday. The second-best time is right now, today.
These figures are useful as rough guides, but remember – they’re just averages. Your personal situation, goals, and circumstances matter far more than where you sit compared to everyone else.
