Savings statistics: Average savings in the UK 2020

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

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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 good are Brits at putting money aside? And are we getting better or worse?

Key statistics

  • 1 in 10 Brits (9%) have no savings at all.
  • A third of Brits have less than £600 in savings.
  • The average Brit has £6,757 saved for a rainy day.
  • The number of Adult ISAs in the UK is up from 10 million in 2017-2018 to over 11 million in 2018-2019.
  • The average amount in Adult ISAs has fallen from £6,466 in 2017-2018 to £6,049 in 2018-2019.
  • The number of Junior ISAs in the UK is rising, with just below 50,000 extra accounts opening in 2018-2019.
  • The average amount invested is now £1,020, up from £994 last year.
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Who has savings?

Just how many Brits have some cash set aside for a rainy day? Here are some of the latest 2020 figures on who has savings, as well as the reasons as to why many of us don’t.

  • The average Brit has £6,756.81 saved, however, a lot of people don’t have this much.
  • Experts recommend that people should have three months of expenses saved.
  • 40.93% of Brits don’t have enough savings to live for a month without income.

Generational differences: Average savings by age in the UK

Out of all the generations, baby boomers have the most saved, with an average of £9,758.54 per person. The second-highest savings are with the silent generation, who are sitting on an average of £9,497.96 per person.

The youngest generation, gen Z, who have been working the shortest amount of time, have the smallest savings balance, with just £2,530.71 on average. 22-29-year-olds are the least likely to save, with 53% of them having no savings at all.

Generation Average current savings
Generation Z (Born after 1996) £2,530.71
Millennials (Born 1981-1996) £4,614.04
Generation X (Born 1965-1980) £6,160.57
Baby boomers (Born 1946-1964) £9,758.54
Silent generation (Born 1928-1945) £9,497.96

Adult ISAs

An ISA account is the most popular type of savings account, thanks to its tax-free benefits. But how many Brits are taking advantage of these tax-free savings accounts, whether in the form of a cash individual savings account (ISA) or a stocks and shares ISA? If you’re not familiar with stocks and shares ISAs, they’re savings accounts that allow you to invest in stocks and shares, usually based on the level of risk that you are comfortable with. If you want to know more, we’ve compiled a list of the best trading apps to help you decide which is best for you.

Cash ISAs have become less popular over the years from 2015 to 2018, while stocks and shares ISAs have become more popular. However, this trend reversed in 2019. Read on to find out more about the changes in Adult ISAs in the UK.

Number of Adult ISA accounts

The total number of ISA accounts has fallen in recent years. However, over 2019, the number of ISAs actually increased by over 1 million accounts to 11.2 million. There has been a resurgence in the number of cash ISA accounts, with 8.5 million accounts open in 2019. This is almost 1.5 million more than there were in 2018. However, the rise in the number of stocks and shares ISA accounts has halted and declined, with a 16% drop to 2.4 million accounts in 2019. Explore the graph below to see more.

Year Cash ISAs Stocks and shares ISAs Total
2015/2016 10.12 million 2.54 million 12.66 million
2016/2017 8.48 million 2.59 million 11.07 million
2017/2018 7.78 million 2.84 million 10.09 million
2018/2019 8.48 million 2.42 million 11.16 million

Total amount subscribed to Adult ISA accounts

In 2018/2019 the total amount subscribed in ISA accounts increased by 3.5% to £68 billion. The increase in the total number of cash ISA accounts in 2019 has also increased the total amount invested in cash ISAs in the UK, from £40 billion in 2017/2018 to just under £44 billion in 2018/2019. However, despite this increase, it’s still way down from 2015/2016 when there was nearly £60 billion subscribed to cash ISAs. In 2019, almost £23 billion was invested in stocks and shares ISAs. This has gone down from 2018, thanks to their drop in popularity. However, the total amount invested in stocks and shares ISA accounts in 2019 is still above what it was in 2015/2016. Check out the graph below to find out more.

Year Cash ISAs Stocks and shares ISAs Total
2015/2016 £58 billion £21 billion £80 billion
2016/2017 £39 billion £22 billion £62 billion
2017/2018 £40 billion £29 billion £65 billion
2018/2019 £44 billion £23 billion £68 billion

Average amount subscribed to Adult ISA accounts

The average amount subscribed into each type of ISA has also fluctuated slightly. The average amount in a cash ISA is slightly above £5,000 while the average amount in a stocks and shares ISA is just under £9,500.

Year Cash ISAs Stocks and shares ISAs
2015/2016 £5,801 £8,322
2016/2017 £4,622 £8,623
2017/2018 £5,228 £9,685
2018/2019 £5,187 £9,331

Junior ISAs

A Junior ISA is a tax-free long-term savings account for under 18s in the UK. The current savings limit for the 2019/2020 year is £4,368.

Number of Junior ISA accounts

Despite a decrease in the number of Adult ISA accounts, the number of Junior ISA accounts is on the rise. Almost 50,000 more Junior accounts opened in 2019.

Year Cash ISAs Stocks and shares ISAs Total
2015/2016 497,000 241,000 738,000
2016/2017 569,000 225,000 794,000
2017/2018 636,000 271,000 907,000
2018/2019 668,000 286,000 954,000

Total amount subscribed to Junior ISA accounts

The total amount subscribed to Junior ISA accounts was £974 million in 2018/2019, the highest total amount ever. Cash ISAs hold 57% of this total, while stocks and shares ISAs make up the rest.

Year Cash ISAs Stocks and shares ISAs Total
2015/2016 £522 million £399 million £921 million
2016/2017 £525 million £333 million £858 million
2017/2018 £517 milllion £385 million £902 million
2018/2019 £555 million £419 million £974 million

Average amount subscribed to Junior ISA accounts

Interestingly, the average amount invested in stocks and shares ISA accounts is more than cash ISA accounts. Despite the rising number of Junior ISA accounts in the UK, the average amount invested in them is falling. However, 2018/2019 has seen a slight recovery in the average amount invested. Explore the graph below to find out more.

Year Cash ISAs Stocks and shares ISAs
2015/2016 £1,050 £1,656
2016/2017 £923 £1,480
2017/2018 £812 £1,421
2018/2019 £830 £1,465

Sources used

  • Global Banking and Finance
  • Gov.uk
  • Money Advice Service
  • ONS

Click here for more research. For all media enquiries, please contact:

Matt Mckenna
UK Communications Manager
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

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