Data study · FCA 2024 + ONS 2020-22
Average savings by age
Roughly three in ten UK adults have less than £1,000 saved, and the median saver holds £5,000 to £6,000. Here is what the honest numbers look like by age, and why most "average savings" articles mislead.
Cash savings by age (individuals)
| Age | Have savings | Typical savings (savers) | Under £1,000 in total |
|---|---|---|---|
| 18 to 24 | 82% | £2,000 to £3,000 | 44% |
| 25 to 34 | 86% | £3,000 to £4,000 | 39% |
| 35 to 44 | 87% | £3,000 to £4,000 | 37% |
| 45 to 54 | 89% | £4,000 to £5,000 | 31% |
| 55 to 64 | 93% | £10,000 to £15,000 | 23% |
| 65 to 74 | 95% | £20,000 to £30,000 | 14% |
| 75 and over | 97% | £30,000 to £50,000 | 9% |
Source: FCA Financial Lives survey, May 2024 (published May 2025), UK adults 18+. "Typical savings" is the median band among those with any cash savings. "Under £1,000" is the share whose total investible assets (cash plus investments, excluding pensions and property) are nil or below £1,000.
Household financial wealth by age
The ONS measures something stricter: a household's savings and investments minus its overdrafts, loans and arrears. That nets the 16 to 24 median down to almost nothing, which says less about empty savings accounts and more about offsetting debt.
| Age of household head | Median net financial wealth |
|---|---|
| 16 to 24 | £100 |
| 25 to 34 | £1,300 |
| 35 to 44 | £5,600 |
| 45 to 54 | £7,200 |
| 55 to 64 | £15,600 |
| 65 to 74 | £32,300 |
| 75 and over | £25,800 |
| All households | £10,400 |
Source: ONS Wealth and Assets Survey, April 2020 to March 2022 (released January 2025), Great Britain, households by age of household head. Savings + investments minus financial liabilities; pensions and property excluded.
By region
| Region | Median household net financial wealth |
|---|---|
| South East | £22,000 |
| South West | £14,100 |
| East of England | £14,000 |
| Scotland | £12,000 |
| London | £10,600 |
| West Midlands | £9,700 |
| East Midlands | £7,900 |
| Wales | £7,200 |
| Yorkshire and the Humber | £6,700 |
| North West | £6,000 |
| North East | £5,200 |
Same ONS release (financial wealth tables, Table 5.14). ONS notes extra uncertainty in London's estimate from pandemic-era non-response.
What to do with this
Medians are a mirror, not a target. The useful sequence: work out your own buffer with the emergency fund calculator, turn any goal into a monthly number with the savings goal planner, and make sure the money you already have is earning properly with the ISA and savings rate checker.
Common questions
- How much does the average person have in savings?
- The median UK adult with any cash savings holds £5,000 to £6,000 (FCA Financial Lives survey, May 2024 (published May 2025)). But 10% have no cash savings at all and another 21% have under £1,000, so roughly three in ten adults could not absorb a £1,000 shock from savings.
- How much savings should I have for my age?
- There is no statutory answer; the common-sense target is an emergency fund of three to six months of essential spending first, then goal-based saving. Comparing yourself to medians tells you where you stand, not where you need to be: the medians themselves are below most experts' emergency fund guidance for most ages.
- Why do different articles quote wildly different averages?
- Three reasons. Means get dragged up by a small number of very large balances, so medians are far lower and more honest. Some sources measure households, others individuals. And some count net financial wealth (savings plus investments minus debts), which is near zero for young adults with student overdrafts, while others count cash only.
- How do savings differ by region?
- Median household net financial wealth runs from £5,200 in the North East to £22,000 in the South East. London sits near the middle (£10,600) despite high incomes, because high rents eat the saving capacity of younger households.
- Is this data current?
- The FCA individual figures describe May 2024 (published May 2025) and are the freshest available. The ONS household figures describe April 2020 to March 2022 (published January 2025); the next ONS round is expected during 2026.
More data studies: what the UK really earns and average pension pot by age.