Whether you’d rather hide money under your mattress or more wisely put it into a savings account, savings are key to helping people plan their future, deal with accidents and secure a comfortable retirement. So, how much does the average person have saved in the UK? We explore the latest savings statistics.
According to a 2024 Finder survey, the average person in the UK has £11,185 in savings. However, almost half of Brits (46%) have £1,000 or less in savings, meaning they would struggle to cover living expenses for more than a month.
Our research also found that men and women have a similar average savings amount, with £11,805 for men and £10,563 for women, suggesting that gender does not have a big impact on the amount you can save. Men do have slightly more in savings, and this could be related to the gender pay gap, which was 7.7% in 2023.
1 in 6 adults (16%) across the UK have no savings in 2024, which equates to almost 9 million people. Overall, a quarter of Brits (25%) have £200 or less in savings accounts, which is less than a typical adult spends in a week (£224).
This is according to ONS research, which found that an average household of 2.3 people spends £528.80 a week. This also means that the typical adult spends £973.57 a month, so the 46% of Brits with £1,000 or less in their savings accounts would find it difficult to survive for more than a month if they needed to rely on their savings rather than other income.
Abingdon
I already have 3 side hustles and am still battling to get by.
I cook for the local squash club, I sell clothes on eBay, I enter competitions and I do online surveys for money.
I am not happy with how much I have saved. I have had to use some of it to pay for things like car insurance, tyres, MOTs, electricity bills and repairs.
| Age group | Average savings | % with £1000 or less in savings |
|---|---|---|
| 18-24 | £3,636 | 59.91% |
| 25-34 | £3,748 | 59.18% |
| 35-44 | £5,714 | 50.75% |
| 45-54 | £9,402 | 43.99% |
| 55-73 | £18,245 | 37.92% |
| 74+ | £36,940 | 17.82% |
Unsurprisingly, the value of savings increases with age. Those aged 18 to 24 have just £3,636 in savings, and 25- to 34-year-olds don’t have much more than their younger counterparts, with an average of £3,748.
However, the average savings amount then start to increase, with £5,714 for 35- to 44-year-olds and £9,402 for 45- to 54-year-olds.
The average savings amount then nearly doubles among 55- to 73-year-olds, who have an average of £18,244 in savings, and doubles again for those aged 74 and above, who have an average of £36,940 in savings.
Generation X has 1 in 5 people (19%) with no savings at all, the highest across the generations. Baby boomers are not far behind, as 18% of this group has no savings. Meanwhile, 15% of millennials, 14% of generation Z and 7% of the silent generation do not have any savings.
This seems to indicate that, although the average savings amount grows with each generation, those in middle age are more likely to not have any savings behind them.
People living in Yorkshire and the Humber have the highest average savings in the UK, with the average amount at £14,307. While those from Yorkshire have an unfair reputation, the survey results show that they are careful with their money, leading to higher average savings than elsewhere in the UK!
They are followed by the South West, where the average resident has £14,117 in savings and the East Midlands, where the average resident has £13,876 in savings.
At the other end of the spectrum, those in Northern Ireland have the least in savings, with an average of just 7165.04, around half of the savings that those in Yorkshire and the Humber have. Residents in Wales also have a comparatively low average savings amount at £7,337.
London comes in 7th of the 12 UK regions, with average savings of £9,982. However, it does have the lowest number of people with no savings at all, showing Londoners are savvy savers in this regard.
| Region | Average savings |
|---|---|
| Yorkshire and the Humber | £14,307 |
| South West | £14,117 |
| East Midlands | £13,876 |
| Scotland | £12,885 |
| North East | £12,399 |
| North West | £12,347 |
| Greater London | £9,982 |
| East of England | £9,730 |
| South East | £9,249 |
| West Midlands | £8,739 |
| Wales | £7,337 |
| Northern Ireland | £7,165 |
As of January 2024, the average variable cash ISA interest rate was 2.75%, while the average 1-year fixed-rate ISA had a savings interest rate of 4.68%.
Savings rates began rising in 2022 as the base rate was increased by the Bank of England, and inflation soared. ISA rates peaked in October 2023, with 3.35% for variable cash ISAs and 5.48% for 1-year fixed-rate ISAs, but have since been falling again as inflation has slowed.
| Date | Variable cash ISA interest rate | Fixed cash ISA interest rate |
|---|---|---|
| Jan 24 | 2.75% | 4.68% |
| Dec 23 | 2.71% | 4.98% |
| Nov 23 | 2.93% | 5.27% |
| Oct 23 | 3.35% | 5.48% |
| Sep 23 | 3.13% | 5.47% |
| Aug 23 | 2.64% | 5.39% |
| Jul 23 | 2.69% | 5.01% |
| Jun 23 | 2.58% | 4.36% |
| May 23 | 2.42% | 4.12% |
| Apr 23 | 2.60% | 4.01% |
| Mar 23 | 1.95% | 3.73% |
| Feb 23 | 1.84% | 3.97% |
| Jan 23 | 1.72% | 3.80% |
| Dec 22 | 1.89% | 3.48% |
| Nov 22 | 1.73% | 3.18% |
| Oct 22 | 1.69% | 3.35% |
| Sep 22 | 1.43% | 2.62% |
| Aug 22 | 0.81% | 2.13% |
| Jul 22 | 0.68% | 1.80% |
| Jun 22 | 0.62% | 1.72% |
| May 22 | 0.50% | 1.43% |
| Apr 22 | 0.48% | 0.96% |
| Mar 22 | 0.47% | 0.81% |
| Feb 22 | 0.31% | 0.69% |
| Jan 22 | 0.31% | 0.54% |
| Dec 21 | 0.19% | 0.43% |
| Nov 21 | 0.21% | 0.46% |
| Oct 21 | 0.17% | 0.41% |
| Sep 21 | 0.16% | 0.38% |
| Aug 21 | 0.16% | 0.35% |
| Jul 21 | 0.15% | 0.29% |
| Jun 21 | 0.19% | 0.33% |
| May 21 | 0.24% | 0.33% |
| Apr 21 | 0.17% | 0.30% |
| Mar 21 | 0.13% | 0.35% |
| Feb 21 | 0.33% | 0.35% |
| Jan 21 | 0.35% | 0.43% |
There were almost 11.8 million ISAs subscribed to in total by UK residents in the 2021/2022 financial year, including cash ISAs, stocks and shares ISAs, lifetime ISAs and innovative finance ISAs.
The number of annual ISA subscriptions has decreased since the 2008/2009 financial year, perhaps in part because savings rates have declined during this period, and people decided to place their savings elsewhere.
In 2010/2011, there were 15.2 million ISAs subscribed to in total, which was the highest during the ten years, while 2017/2018 saw the lowest number of ISA subscriptions with 10 million in total.
Cash ISAs have consistently been the most popular type, as they offer a reliable way to earn tax-free interest on your savings, even when savings rates are low. Stocks and shares ISAs are the next most popular and reached a peak of popularity in the most recent tax year, with 3.9 million subscriptions.
Lifetime ISAs were not introduced until 2016/2017 and allow you to save money towards a house purchase or retirement. You can pay in up to £4,000 a year, and the government will add a 25% bonus on top of whatever you save. This savings account has been growing in popularity since introduction, with a peak of 662,000 LISAs subscribed to in 2021/2022.
Innovative ISAs were introduced most recently in the 2017/2018 tax year. This account type allows people to earn tax-free interest on peer-to-peer lending. However, it is known to be a risky strategy and returns are not guaranteed. Just 17,000 innovative finance ISAs were opened in 2021/2022.
In the 2021/2022 tax year, UK residents placed £66.9 billion into ISAs. £30.9 billion of this was in cash ISAs, £34.2 billion in stocks and shares ISAs, £1.7 billion in lifetime ISAs and £144 million in innovative finance ISAs.
Although the number of ISAs subscribed to has declined since the 2008/2009 financial year, the total amount placed into ISAs by UK residents increased year-on-year before peaking in 2014/2015. There was then a drop in the value, but this has remained fairly level between 2016/2016 and 2021/2022.
The average amount saved into each ISA in the 2021/2022 tax year was £5,696. However, the amount placed into each type of savings account varies. For cash ISAs, the most popular type of tax-free savings account, £4,330 was saved on average.
In the 2022 financial year, £2,566 was the average amount of savings placed into a lifetime ISA, but it’s important to note that UK residents can only pay in up to a maximum of £4,000 a year anyway.
The average amount placed into stocks and shares ISAs and innovative finance ISAs is higher, at £8,690 and £8,520. These types of ISAs are riskier as they involve investing, but those who choose to use them may have more capital to save or invest.
The total ISA subscription limit is £20,000, and this can be across account types, so a person could place £4,000 in a lifetime ISA, £6,000 in a stocks and shares ISA and £10,000 in a cash ISA, as an example.
We’ve outlined some things to consider trying if you want to save regularly.
You will often only be on a good deal for your initial contract with a provider before being switched to their standard rate, which is typically a lot more expensive! If you are organised enough to switch when your contracts end, you can save a lot more money in the long run by always taking advantage of the best deals.
Many supermarkets offer loyalty points or rewards, and these can often be spent on restaurants, accommodation and other shops as well as the supermarket itself. Shops such as Boots and Superdrug also offer loyalty points that allow customers to save on future spending.
Automated budgeting apps such as Emma help you save money by connecting all your bank accounts in one place. It gives you insights into your spending and lets you know where you might be wasting money. It also calculates how much you can afford to save each month.
Having separate savings pots can also help you to make sure you are saving enough to put towards your monthly bills or another specific event that month. Bank apps such as Monzo and Sterling are very handy for creating these savings pots!
West Sussex
I always shop around when my broadband, mortgage contracts come to an end to find the best deal possible. I make reminder notes on my phone to make sure I don't forget when my contracts expire so that I can shop around for the best price. Switching broadband has saved me around £6 per month, and using less energy (only washing on full loads, shorter showers, etc.) is saving me approximately £15 per month.
I have also been shopping at Aldi over my usual Tesco's, and I've discovered some great items at a fraction of the cost! Switching supermarkets has saved me around £15 a week. I'm also a mad loyalty fan, and I save up my points when shopping in Boots, Superdrug, etc., to treat myself and put towards Christmas and birthday presents.
As well as simple tips and tricks, it’s also important to make sure you are saving your money in the most rewarding way, whether that’s a traditional savings account or a stocks and shares ISA.
Savings accounts are a reliable way to put money away, but you should ensure your money is sitting in an account that pays good interest. Interest rates on savings accounts have been low for the past few years, but they are on the rise, and there are some good deals out there. Fixed-rate savings accounts can sometimes offer higher interest rates than easy-access savings, but you’ll need to assess whether you are comfortable with putting a chunk of your money away for a fixed period.
Some banks also offer good interest rates on regular saver accounts, which can be great for those just starting out on their savings journey. These accounts let you put in a certain amount each month rather than a lump sum.
This is another option where your money isn’t at risk. It works by offering cash prizes every month instead of guaranteed interest, so while you could end up not winning anything, the top prize is £1 million. When you look at the total amount of prizes paid out, the effective interest rate is currently 1.4% each year.
If you are willing to take a riskier option for your money, you might consider putting some of your savings into a stocks and shares ISA. Markets like the FTSE have historically outperformed savings accounts, although your money is also at risk of decreasing with this option.
If you’re saving for a house or retirement, then you should also look at lifetime ISAs, as the government will give a bonus of 25% on what you pay in (up to £4,000 per year).
The 50/30/20 method is fairly simple. You divide your expenses into 3 categories: needs, wants and savings. The method says that you should budget 50% of your income for fundamentals such as bills, rent and food (needs). You should then designate 30% for hobbies, eating out and other entertainment (wants), while 20% can be dedicated to building up your savings.
For example, based on the average monthly take-home pay in the UK (£2,191.75), you should allocate £1,095.88 to your needs, £657.52 to your wants and £438.35 to your savings.
The 50/30/20 method would look more like 60/30/10 or 60/25/15 for the average UK resident. This is because the cost of needs equals approximately 60% of income, or just over £1,300, rather than the recommended 50%.
We’ve included the following outgoings when looking at the total cost of needs for the average person:
To see if things look better for certain age groups, we looked at the percentage of each generation’s pay cheques that are spent on needs, wants and savings.
18- to 21-year-olds have no chance of using the 50/30/20 method if they have the same needs as those in the other. In fact, all the income for a person in this age group would be spent on the needs category!
22- to 29-year-olds are in a slightly better position because they have some spare income for enjoying themselves, but they aren’t able to save very much either. The biggest savers are in the 40-49 category when the average salary is highest, but even they need to spend more than the allocated 50% on their needs.
This assumes an average cost for every person for the most common needs, but certain age groups may have greater monthly outgoings based on their living situation and dependents.
To find out the average savings in the UK, Finder commissioned Censuswide in January 2024 to carry out a nationally representative survey of adults aged 18+. A total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region.
To calculate the average spend for a UK adult, Finder took the average weekly spend for a household according to ONS and the average household size of 2.3 people. We then divided savings by household size to get the spend per person.
Finder’s research team sometimes needs first-hand experiences of personal finances to bring our pages to life. If selected and used for our research, we will pay for your case study.
If you are interested in taking part, you can apply to be included in our case study database or email: ukpr@finder.com
Matt Mckenna
UK Head of Communications
T: +44 20 8191 8806
According to the latest figures, a single person living in London would need a gross salary of £37,000 to be financially stable.
Read more…
Almost half of Brits have £1,000 or less stashed away, meaning they’d struggle to cover a month of living expenses using their savings.
Read more…
If your New Year’s resolution is to become a home owner, here are 5 tips for first-time buyers to make your money go further.
Read more…According to the latest figures, a single person living in London would need a gross salary of £37,000 to be financially stable.
High inflation could be making your savings accounts lose value in “real terms”. We look at historical savings versus inflation rates.
Wondering what to do with £10,000 savings? Earn up to 6.25% with easy access, 5.16% tax-free or 5.21% in a fixed-rate bond.
Get into the savings habit with the NatWest Digital Regular Saver account.
A no access saving savings account can keep your money locked away and give you guaranteed savings growth.
Read more about the best places to save for grandchildren.
Find out whether the Chase Saver account is the best place for your savings.
If you earn interest from a savings account, you need to pay tax on that interest at the same rate as the rest of your annual taxable income.
We look at the definition of compound interest, what it concretely means and how you can use it to grow your savings more quickly.
Want to cash in your NS&I premium bonds? Our simple guide explains how to do this online, by phone or through the post.
