How Good Are Brits at Saving Money? [22+ Saving Stats]


Even though most people know that saving is an essential aspect of financial management, a lot of Britons aren’t able to follow through, as proven by the average savings UK residents have in their bank accounts. Many only have a small amount of money in savings, while others have none at all. If you’re intrigued and want to know how much the average Brit has put aside for rainy days, the following statistics will teach you everything you need to know. 

Average Savings UK - Image 1

Average Savings UK: Fascinating Facts

  • The average UK adult has £9,633.30 saved.
  • UK households save an average of £450 each month.
  • 6.5% of the British population have zero savings.
  • The East Midlands region has the lowest savings per capita – £6,438.
  • An average Londoner has an average of £28,978 saved, the most in the country.
  • People between 45 and 54 have the most in savings – a total of £133,900.
  • 40% of those aged 22 to 29 have no savings at all.
  • 15% of Brits have cash ISA savings accounts.

The National Average

Before we begin categorising the various average UK savings, we decided to take a look at the medium amounts the UK has managed to put aside. 

#1 The average UK adult has about £9,633.30 in savings


The average person has £9,633.30 saved, though some have a lot more. Much of the population has less in savings; it is estimated that 66% of those with savings have around £9,000 in their bank account

#2 Men have almost double the amount in savings than women


Average monthly savings in the UK differ significantly for men and women. On average, men have about £13,140.61 saved, which is almost double the amount for women – £6,869.84

#3 The savings ratio was 14.3% in September 2020

(House of Commons Library)

The household savings ratio increased from 8.9% in March 2020 to 25.9% in July 2020, a record high increase. Sadly, the ratio dropped to 14.3% in September 2020. Although the Bank of England hasn’t released the number for 2021, it says that the ratio increased again at the end of 2020 through the beginning of 2021. 

#4 The average UK household saves £450 per month


The average household savings in the UK amount to £450 a month. The median amount of money saved monthly is £180, with half of all households reaching close to this number.

#5 Average households savings amount to £5,403 yearly


The average UK household savings per year are £5,403; this amount is more than twice the median amount saved – £2,160. Some households save money at a higher rate, while others save very little or no money. The same goes for the amount of household debt in the UK.

#6 Only 6.5% of British adults have no savings


These statistics on average savings don’t apply to 6.5% of the British population who have no savings whatsoever. Even more worrisome is that 25.95% has less than £1,000 saved, which is about a month of income.

#7 Low-income families have about £95 in savings


A low-income British family only manages to save around £95; this is a classic display of financial insecurity. Anyone that earns less than the average salary in the UK has a hard time saving a lot of money every month. On the other hand, UK household savings for high-income families amount to £62,885 per unit, a stark difference. 

UK Savings by Region

The amount people store can be heavily influenced by where they live; income looks different for every region, but so are expenses for rent and bills. This causes people across the UK to have different saving habits depending on where they are in the country. Let’s take look!

#8 The East Midlands have the lowest amounts in savings per person 


The lowest savers in the UK are located in the East Midlands. According to facts on the average savings in the UK for 2021, an East Midlander has saved up only £6,438

#9 Londoners save £28,978.40 on average – the most in the country


In the race of personal savings, Londoners take the number one spot. The average amount a Londoner has in their savings is £28,978.40, significantly more than anyone else in the UK. West Midlanders follow in second place, but the difference is quite large – the average West Midlander has £13,318.35 in their bank account

#10 Northern Ireland is the second-lowest saving region with £6,710 per capita


Northern Ireland has the second-lowest UK average savings, each only possessing £6,710. The small amounts in savings are attributed to a lack of employment opportunities and other socioeconomic factors

#11 The average person in Scotland has £7,297.19 in savings


Scotland is in fourth place for regions with the lowest amounts of money saved at about £7,297.19 per inhabitant. Interestingly, the Scottish save more than the rest of the UK but save less overall

#12 The average Welsh has £9,648.91 saved


How much does the average person have in savings in the UK? Data in Wales shows that an average person has £9,648.91 put away, which is consistent with the overall UK average. That being said, Wales has the largest percentage of residents (9.08%) with zero savings

UK Savings by Age

Age is a crucial factor when it comes to how much someone has saved; understandably, younger people have had less time to accumulate funds and control personal finances. We compiled crucial information on the average savings by age in the UK, so stick around for interesting facts. 

#13 45 to 54-year-olds have an average of £133,900 saved


The highest level of savings is found in the 45 to 54 age group; £133,900 is the amount of money a person in this age group has. That being said, their median savings are between £5,000 and £12,500, which reflects the UK’s status more accurately.

#14 A small number of people over 55 have zero savings


Only 2.23% of those over 55 have no savings at all, but this demographic has the second-highest amount saved; the average savings by age 55 in the UK is £20,028.

#15 Generation Z has the smallest amount saved 


The average member of Generation Z has only £2,530.71 saved, the least of all generations. This is not surprising, however as they are the last group to enter the workforce, meaning they’ve been working for a short amount of time and haven’t had the time to accrue funds. Luckily, this generation is turning to numerous ways of generating passive income to supplement their earnings.

#16 A large number of people in their 20’s don’t have money put away


Glancing at average savings by age and income in the UK, a staggering 40% of people aged 22 to 29 have no savings whatsoever. 10% of these people have between £2,000 and £3,000 put away, while only 25% have managed to save more than £6,000.

#17 Personal savings of a 30-year old fall around £51,434


In the UK, a 30-year-old should have managed to save about £51,434. This amount is more than doubled as people enter their forties at £124,911; average UK savings at 50 amount to £198,390.

A Few More Essentials

Before you go, there are a couple of more things you should know about savings in the UK. 

#18 The savings ratio rose to a record-high 25.9% due to COVID-19

(The Guardian)

The COVID-19 pandemic forced people to stay at home; since they couldn’t spend a lot of money on leisure activities, they managed to save more. Despite the economic crisis, the savings ratio rose to 25.9% during the second quarter of 2020 when Britain was in lockdown, meaning Brits were saving more than ever. 

#19 The savings of 32% of Britons grew during the first COVID lockdown


Data on average savings in the UK for 2020 show that 32% of the British population increased their savings during the first lockdown, while 33% had savings decrease, causing some to cut expenses. 11% stated that their savings account saw no changes.

#20 Cash ISAs are a form of saving practised by 15% of Britons


Cash ISAs are savings accounts that pay a tax-free interest rate, making them a popular form of saving. Just make a deposit and you save by receiving the average savings interest rate in the UK. 15% of Britons chose this as their preferred saving method; 3% opt for stocks and shares ISA which lets you make an investment and wait for a return. 

#21 Almost half of retirees in the UK don’t have sufficient savings for retirement

(International Adviser)

About half (46%) of all retirees in the UK don’t have enough savings to last them through retirement, and 51% of those not retired yet don’t have proper emergency savings. If something unexpected comes up, people rely on their credit cards or other unsecured loans to get by.

#22 Brits save £2,700 a year for retirement


The current retirement savings rate is £2,700 per year, making the average savings at retirement in the UK £260,000 after 40 years. This would give retirees an income of £16,000 for 25 years.

#23 UK citizens can only afford to save £176 a month


Taking into consideration an average salary (£25,780/year), the cost of rent (£928/month), and other living expenses (£1,372/month), the average Brit can only afford to save a maximum of £176 each month.

Wrap Up

Savings serve as a safety net when many of life’s adversaries get in the way, but millions of Britons don’t have enough to cover emergency expenses – not even to enjoy a comfortable retirement. The recent recession has had an immense effect on the average savings UK citizens currently have. COVID-19 lockdowns boosted the savings of some, while they quickly depleted for others. In any case, the situation in Britain is not that great; Britons need to find a way to save more.


I learned a lot about finance after working for a digital marketing company specializing in investing and trading stocks, forex, etc. After that, I got exposed to other verticals such as wealth management and personal finance, which further improved my understanding of the financial world.

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