What is the average UK savings balance?The average UK adult savings balance is approximately £17,000 according to ONS Wealth and Assets Survey data (2022 to 2024). However, this average is heavily skewed by a small number of high savers — the median savings balance (the midpoint, where half of people have more and half have less) is considerably lower at around £4,900. Average UK savings: approximately £17,000. Median UK savings: approximately £4,900. Around 10 million UK adults have no savings at all. Source: ONS Wealth and Assets Survey, 2024. Average UK savings by age group
Source: ONS Wealth and Assets Survey 2022/24. Figures are approximate and exclude pension savings. Average UK savings by income band
What is a good savings balance?Financial advisers typically recommend maintaining an emergency fund of 3 to 6 months of essential expenses — for the average UK household with monthly outgoings of around £2,000 to £2,500, this means £6,000 to £15,000 in easy-access savings. Beyond the emergency fund, additional savings should be invested for long-term goals.
Why do so many UK adults have no savings?
Verdict Aim for 3 to 6 months of expenses — then invest the rest If your savings are below the median for your age group, focus first on building a 3-month emergency fund in an easy-access account. Once that is in place, switch additional saving into a Stocks and Shares ISA or pension for long-term growth — cash savings lose value to inflation over time. Frequently asked questionsHow much should I have in savings at my age? A common rule of thumb: by age 30, aim for 1 year of expenses saved; by 40, 2 to 3 years; by 50, 5 years. In practice, most people focus on an emergency fund first (3 to 6 months expenses) and then invest additional savings rather than holding more in cash. What percentage of income should I save? Standard advice is to save at least 20% of take-home pay — split between pension, ISA, and accessible savings. Many financial advisers use the 50/30/20 rule: 50% on needs, 30% on wants, 20% on saving and debt repayment. Where should I keep my savings in the UK? Emergency fund: easy-access savings account or flexible Cash ISA. Medium-term goals: fixed-rate bond or notice account. Long-term: Stocks and Shares ISA or pension SIPP. Avoid holding excessive cash long-term — inflation erodes purchasing power. Is £10,000 in savings a lot in the UK? £10,000 is above the median UK savings balance (approximately £4,900) and represents a solid emergency fund for most people. It is not a large amount in absolute terms — a fully funded emergency fund for a dual-income household might be £15,000 to £25,000. |
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