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Read more…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. How much has the average person saved in the UK? And are we getting better or worse?
According to our 2022 survey, 1 in 5 (20)% of the respondents had no savings at all. The average savings in 2022 was £7,509. There is an 11% rise in savings compared to 2020 when it was £6,757. It is recommended that people should have 3 months of expenses saved.
As of 2022, millennials have saved an average of £4,172.80. In 2020, they saved £4,614.04. Generation X has saved an average of £5,786.20. In 2020, they saved £6,160.57. The savings of millennials and generation X decreased by 9.56% and 6.08% respectively. Generation Z have saved an average of £4,348.58. In 2020, they saved £2,530.71. Baby boomers have saved an average of £11,918.50. In 2020, they saved £9,758.54. The silent generation have saved an average of £19,001.62. In 2020, they saved £9,497.96.
Comparing the average 2022 savings with our survey in 2020, generation Z savings have increased by 71.83% and for baby boomers, it has increased by 22.13%. The highest percentage increase is seen in the savings of the silent generation with a rise of 100.06%.
AGE | 2022 | 2020 |
---|---|---|
Gen Z (age 18-23) | £4,348.58 | £2,530.71 |
Millennials (age 24-42) | £4,172.80 | £4,614.04 |
Gen X (Aged 43-54) | £5,786.20 | £6,160.57 |
Baby Boomers (Aged 55-73) | £11,918.50 | £9,758.54 |
Traditionalist/Silent Gen (Aged 74+) | £19,001.62 | £9,497.96 |
Among the regions, East England had the highest average savings in 2022 at £10,397.89 and Northern Ireland had the lowest at £5,339.99.
REGION: | Average savings |
---|---|
East of England | £10,397.89 |
Greater London | £6,953.99 |
East Midlands | £6,126.75 |
West Midlands | £6,597.43 |
North East | £6,531.85 |
North West | £5,710.25 |
Northern Ireland | £5,339.99 |
Scotland | £9,802.59 |
South East | £8,694.95 |
South West | £7,421.59 |
Wales | £7,592.51 |
Yorkshire and the Humber | £6,606.21 |
Among the cities, people in Edinburgh had the highest average savings of £11,790.66 and Nottingham had the lowest at £4,247.70.
City | Savings |
---|---|
Belfast | £5,486.41 |
Birmingham | £6,547.77 |
Brighton | £6,695.47 |
Bristol | £7,004.57 |
Cardiff | £4,848.02 |
Edinburgh | £11,790.66 |
Glasgow | £7,525.82 |
Leeds | £8,420.17 |
Liverpool | £6,315.82 |
London | £8,456.33 |
Manchester | £6,584.57 |
Newcastle | £6,866.84 |
Norwich | £11,235.25 |
Nottingham | £4,247.70 |
Plymouth | £5,200.33 |
Sheffield | £6,637.74 |
Southampton | £9,555.91 |
Because of the cost of living crisis in 2022, people in the UK are trying various options to save money. 82% of them turned off their lights, 64% ate out less than usual, 53% used fewer household appliances and 50% used less transportation.
Share of adults with retirement savings | Percentage |
---|---|
I always make sure that I am saving for retirement | 47% |
I only save for retirement occasionally from time to time | 23% |
I am not saving for retirement now, although I have in the past | 13% |
I am not saving for retirement though I do intend to | 12% |
I have never saved for retirement and don't intend to | 5% |
In 2021, 47% of people made sure that they saved for their retirement. 23% save occasionally. 13% are not saving now but they did in the past. 12% are not saving now but they do intend to save and 5% never saved for retirement and don’t intend to.
Share of adults with retirement savings | Percentage |
---|---|
I always make sure that I am saving for retirement | 47% |
I only save for retirement occasionally from time to time | 23% |
I am not saving for retirement now, although I have in the past | 13% |
I am not saving for retirement though I do intend to | 12% |
I have never saved for retirement and don't intend to | 5% |
It is forecasted that the percentage of average household savings will reduce in 2022 (under 5%) and will decrease even further in the coming years. In 2021, it was 10.75%.
Year | Percentage |
---|---|
1998-2007 | 7.25% |
2010-2019* | 7.50% |
2020 | 13.75% |
2021 | 10.75% |
2022 | 4.75% |
2023 | 4% |
2024 | 4.25% |
The households’ saving ratio in quarter 2 of 2022 was 7.6%. In 2020-21, the ratio surged above the 10% mark, the main reason being the COVID-19 pandemic.
Quarter year | Percentage |
---|---|
2012 Q1 | 9.7% |
2012 Q2 | 8.4% |
2012 Q3 | 7.8% |
2012 Q4 | 6.2% |
2013 Q1 | 6.5% |
2013 Q2 | 7.6% |
2013 Q3 | 7.7% |
2013 Q4 | 8.9% |
2014 Q1 | 8.2% |
2014 Q2 | 7.2% |
2014 Q3 | 5.7% |
2014 Q4 | 6.1% |
2015 Q1 | 7.3% |
2015 Q2 | 9.5% |
2015 Q3 | 9.5% |
2015 Q4 | 10.4% |
2016 Q1 | 7.5% |
2016 Q2 | 6.1% |
2016 Q3 | 4.3% |
2016 Q4 | 4.6% |
2017 Q1 | 3.3% |
2017 Q2 | 5.7% |
2017 Q3 | 5.3% |
2017 Q4 | 4.5% |
2018 Q1 | 5.5% |
2018 Q2 | 5.0% |
2018 Q3 | 5.3% |
2018 Q4 | 5.0% |
2019 Q1 | 5.3% |
2019 Q2 | 5.8% |
2019 Q3 | 5.2% |
2019 Q4 | 5.6% |
2020 Q1 | 6.5% |
2020 Q2 | 26.8% |
2020 Q3 | 14.5% |
2020 Q4 | 15.9% |
2021 Q1 | 20.2% |
2021 Q2 | 11.7% |
2021 Q3 | 9.3% |
2021 Q4 | 8.3% |
2022 Q1 | 8.3% |
2022 Q2 | 7.6% |
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