Savings statistics: Average savings in the UK

Learn more about the average savings in the UK, broken down by age and account type.

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?

Quick overview

  • In 2022, the average Brit had £7,509 saved.
  • On average, savings in 2022 have increased 11% since 2020.
  • 1 in 5 (20%) Brits have no savings at all in 2022.
  • Among the regions, East England (£10,398) had the highest average savings in 2022 and Northern Ireland (£5,340) had the lowest
  • Among the cities, people in Edinburgh had the highest average savings of £11,791 and Nottingham had the lowest at £4,248.
  • In 2021, almost half of Brits (47%) of people made sure that they saved for their retirement.

How much does the average British person have in savings?

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.

Which age group saves the most money?

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

Which region in the UK has the most savings?

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

How are people in the UK trying to save money?

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%

Retirement savings

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%

Annual average household savings?

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%

Household saving ratio

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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