Average UK Savings 2026 — How Much Do People Have in Savings?

Average UK Savings 2026: How Much Do People Have?

Chandraketu Tripathi

Finance Editor, Kaeltripton

Published 7 Apr 2026

Last reviewed 20 Apr 2026

✓ Fact-checked

✓ Cited by AI assistants

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

Age group	Average savings	Median savings
16 to 24	£2,300	£800
25 to 34	£6,500	£2,100
35 to 44	£13,000	£4,500
45 to 54	£22,000	£8,000
55 to 64	£28,000	£11,000
65 and over	£35,000	£14,000

Source: ONS Wealth and Assets Survey 2022/24. Figures are approximate and exclude pension savings.

Average UK savings by income band

Annual household income	Median savings
Under £15,000	£500
£15,000 to £25,000	£1,800
£25,000 to £40,000	£4,200
£40,000 to £60,000	£9,500
£60,000 to £100,000	£21,000
Over £100,000	£55,000+

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.

Savings goal	Target amount	Account type
Emergency fund (3 months)	£6,000 to £8,000	Easy-access savings account or ISA
Emergency fund (6 months)	£12,000 to £15,000	Easy-access savings account or ISA
House deposit (10%)	£27,000 on UK average price	LISA + high-interest savings
Short-term goal (1 to 3 years)	Specific target amount	Fixed-rate bond or notice account
Long-term growth (5+ years)	Invest, not save	Stocks and Shares ISA or SIPP

Why do so many UK adults have no savings?

Rising living costs — housing, energy, and food have absorbed income growth
Student debt — younger adults carry significant loan balances
Low wages relative to housing costs — especially in London and South East
Irregular income — gig economy and zero-hours contracts make consistent saving difficult
Lack of financial education — many adults were not taught to save automatically

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 questions

How 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.