Saving money for the future or for emergencies is becoming increasingly difficult with prices rising and more people living pay check to pay check.

With 65% of people believing that they wouldn’t be able to last just three months without having to borrow money. The financial anxiety across the UK has made it difficult for people to seek advice and support with more people feeling a sense of loss when it comes to saving.

Learning the average savings UK can help you set realistic goals for your age group and perhaps show you that you're not the only one struggling to save.

Research found that over 5.2 million people have to pick up a second job in order to afford the cost of living.

Around 61% of adults save money either every or most months.

How much on average do people have in savings?

As well as saving for a rainy day, most of us want to know how we compare. So how much savings does the average person have in the UK by age? It's common to compare your financial progress with others in your age group. For those in their 20s, savings may be modest as they build their careers. By 30, many aim to have more significant savings, while people in their 40s and 50s often see a larger increase in their savings balances. How do you compare to the average savings for your age? Scroll down to find out.

As of January 2024, a survey from Finder has revealed that the average UK adult has £11,185 in savings. Despite this about 46% of people have £1000 or less in savings and 25% have £200 or less.

With 16% of adults having no savings at all this means around 8.7 million people have very little or no money to fall back on in case of emergencies.

The Financial conduct authority (FCA) state that this is mostly the younger population of 18-24 years olds have less than £1000.

According to Money and Pensions Service (MaPs), around 11.5 million people have less than £100 in their savings account.

As well as saving for the next big trip, purchase or other short-term goals, you should be thinking about planning for retirement too. You can find effective ways to save for retirement and how much you should already have saved here.

Average savings by age group

As of January 2024, Finder revealed the average savings by age

Generation X has 19% of people with no savings at all, making them the highest number of people across all generations who have no savings at all. This shows the younger generations struggling to save or unsure where to start. Those aged 74+ have 10 times more in savings than 18-24 year olds.

The average amount saved increases with age for multiple reasons: a higher salary, different motivations and urgency to save, or different lifestyle expenses. As responsibilities pile up, there might be a higher pressure to save for a rainy day, for retirement, a pension, and to look after family. And let's not forget the super important effect of compound interest - the magic sauce that makes your money grow over time.