Whether you’d rather hide money under your mattress or more wisely put it into a savings account, savings are key to helping people plan their future, deal with accidents and secure a comfortable retirement. So, how much does the average person have saved in the UK? We explore the latest savings statistics.
UK savings statistics: Highlights
The average person in the UK has £16,067 in savings in 2025.
7 in 10 Brits (71%) have some money in savings in 2025.
However, 2 in 5 Brits (39%) have £1,000 or less in savings, and a quarter of Brits (23%) have £200 or less.
1 in 6 UK adults (16%) have no savings at all, equating to around 8.4 million people.
Men have £20,810 in savings on average, compared to £11,432 for women.
Those aged 18-24 have just £4,759 in savings, while those aged 55 and over have an average of £27,949 in savings.
18% of millennials and people in generation X have no savings at all.
How much savings does the average person have in the UK?
According to a 2025 Finder survey, the average person in the UK has just over £16,000 in savings. However, 2 in 5 Brits (39%) have £1,000 or less in savings, meaning they would struggle to cover living expenses for more than a month.
Our research also found that men have a much bigger savings pot on average compared to women, at £20,810 compared to £11,432. Women are also less likely to have any savings, with just two-thirds (67%) confirming they have some money set aside, compared to three-quarters (75%) of men.
What are the average savings by age in the UK?
18-24 year olds have average savings of £4,759.
25-34 year olds have average savings of £9,357.
35-44 year olds have average savings of £7,434.
45-54 year olds have average savings of £13,318.
55+ year olds have average savings of £27,949.
Unsurprisingly, the value of savings generally increases with age. Those aged 18 to 24 have less than £5,000 in savings, and 25- to 44-year-olds have less than £10,000. Interestingly, the average savings amount is lower for 35- to 44-year-olds than 25- to 34-year-olds – perhaps a result of people hitting milestones in their 30s, such as buying a house or having children, which require financing.
The average savings amount then nearly doubles among 45- to 54-year-olds, who have an average of £13,318 in savings, and doubles again for those aged 55 and above.
1 in 6 adults (16%) across the UK have no savings in 2024, which equates to 8.4 million people. Overall, a quarter of Brits (23%) have £200 or less in savings accounts, which is less than a typical adult spends in a week (£241).
This is according to ONS research, which found that an average household of 2.36 people spends £567.70 a week. This means that the typical adult spends £1,045 a month, so the 2 in 5 Brits (39%) with £1,000 or less in their savings accounts would find it difficult to survive for more than a month if they needed to rely on their savings rather than income.
Case study: The cost of living crisis has impacted Tracey's savings
"I already have 3 side hustles and am still battling to get by.
I cook for the local squash club, I sell clothes on eBay, I enter competitions and I do online surveys for money.
I am not happy with how much I have saved. I have had to use some of it to pay for things like car insurance, tyres, MOTs, electricity bills and repairs."
Tracey Greyvenstein
Abingdon
Which generation has the most people with no savings?
Millennials and Generation X have almost 1 in 5 people (18%) with no savings at all, the highest across the generations. Baby boomers are not far behind, as 14% of this group has no savings. Meanwhile, 12% of generation Z and just 2% of the silent generation do not have any savings.
This seems to indicate that, although the average savings amount grows with each generation, those in middle age are more likely to not have any savings behind them.
What are the average savings by region in the UK?
People living in Scotland have the highest average savings in the UK, at an impressive £22,006.
They are followed by the East of England, where the average resident has £19,924 in savings and the South West, where the average resident has £17,766 in savings.
At the other end of the spectrum, those in the West Midlands have the least in savings, with an average of just £11,330, around half of the savings that those in Scotland have. Residents in Greater London also have a comparatively low average savings amount at £13,623.
The average savings rates offered by providers can vary depending on factors such as the base rate, inflation and how people are spending their money.
As of February 2025, the average variable cash ISA interest rate is 1.82%, while the average 1-year fixed-rate ISA had a savings interest rate of 3.99%. The average instant access savings account had an interest rate of 2.57%.
Savings rates began rising in 2022 as the base rate was increased by the Bank of England, and inflation soared. ISA rates peaked in October 2023, with 3.35% for variable cash ISAs and 5.48% for 1-year fixed-rate ISAs, but have since been falling again as inflation has slowed.
There were almost 12.5 million ISAs subscribed to in total by UK residents in the 2022/2023 financial year, including cash ISAs, stocks and shares ISAs, lifetime ISAs and innovative finance ISAs.
Cash ISAs have consistently been the most popular type, as they offer a reliable way to earn tax-free interest on your savings, even when savings rates are low. Stocks and shares ISAs are the next most popular and reached a peak of popularity in the 2021/2022 tax year, with 3.9 million subscriptions.
Lifetime ISAs were not introduced until 2016/2017 and allow you to save money towards a house purchase or retirement. You can pay in up to £4,000 a year, and the government will add a 25% bonus on top of whatever you save. This savings account has been growing in popularity since introduction, with 767,000 LISAs subscribed to in 2022/2023.
Innovative ISAs were also introduced in 2016. This account type allows people to earn tax-free interest on peer-to-peer lending. However, it is known to be a risky strategy and returns are not guaranteed. Just 17,000 innovative finance ISAs were opened in 2022/2023.
We’ve outlined some things to consider trying if you want to save regularly.
Switching providers
You will often only be on a good deal for your initial contract with a provider before being switched to their standard rate, which is typically a lot more expensive! If you are organised enough to switch when your contracts end, you can save a lot more money in the long run by always taking advantage of the best deals.
Loyalty points
Many supermarkets offer loyalty points or rewards, and these can often be spent on restaurants, accommodation and other shops as well as the supermarket itself. Shops such as Boots and Superdrug also offer loyalty points that allow customers to save on future spending.
Switching providers
Automated budgeting apps such as Emma help you save money by connecting all your bank accounts in one place. It gives you insights into your spending and lets you know where you might be wasting money. It also calculates how much you can afford to save each month.
Create savings pots
Having separate savings pots can also help you to make sure you are saving enough to put towards your monthly bills or another specific event that month. Bank apps such as Monzo and Sterling are very handy for creating these savings pots!
Case study: Nicola has made simple changes to help her save more
Nicola Frapwell
West Sussex
I always shop around when my broadband, mortgage contracts come to an end to find the best deal possible. I make reminder notes on my phone to make sure I don't forget when my contracts expire so that I can shop around for the best price. Switching broadband has saved me around £6 per month, and using less energy (only washing on full loads, shorter showers, etc.) is saving me approximately £15 per month.
I have also been shopping at Aldi over my usual Tesco's, and I've discovered some great items at a fraction of the cost! Switching supermarkets has saved me around £15 a week. I'm also a mad loyalty fan, and I save up my points when shopping in Boots, Superdrug, etc., to treat myself and put towards Christmas and birthday presents.
Which methods should you use to save?
As well as simple tips and tricks, it’s also important to make sure you are saving your money in the most rewarding way, whether that’s a traditional savings account or a stocks and shares ISA.
Put your money into a good savings account
Savings accounts are a reliable way to put money away, but you should ensure your money is sitting in an account that pays good interest. Interest rates on savings accounts have been low for the past few years, but they are on the rise, and there are some good deals out there. Fixed-rate savings accounts can sometimes offer higher interest rates than easy-access savings, but you’ll need to assess whether you are comfortable with putting a chunk of your money away for a fixed period.
Some banks also offer good interest rates on regular saver accounts, which can be great for those just starting out on their savings journey. These accounts let you put in a certain amount each month rather than a lump sum.
Premium bonds
This is another option where your money isn’t at risk. It works by offering cash prizes every month instead of guaranteed interest, so while you could end up not winning anything, the top prize is £1 million. When you look at the total amount of prizes paid out, the effective interest rate is currently 1.4% each year.
Consider a stocks and shares or lifetime ISA
If you are willing to take a riskier option for your money, you might consider putting some of your savings into a stocks and shares ISA. Markets like the FTSE have historically outperformed savings accounts, although your money is also at risk of decreasing with this option.
If you’re saving for a house or retirement, then you should also look at lifetime ISAs, as the government will give a bonus of 25% on what you pay in (up to £4,000 per year).
What is the 50/30/20 savings method?
The 50/30/20 method is fairly simple. You divide your expenses into 3 categories: needs, wants and savings. The method says that you should budget 50% of your income for fundamentals such as bills, rent and food (needs). You should then designate 30% for hobbies, eating out and other entertainment (wants), while 20% can be dedicated to building up your savings.
For example, based on the average monthly take-home pay in the UK (£2,191.75), you should allocate £1,095.88 to your needs, £657.52 to your wants and £438.35 to your savings.
Can the average Brit save using the 50/30/20 method?
The 50/30/20 method would look more like 60/30/10 or 60/25/15 for the average UK resident. This is because the cost of needs equals approximately 60% of income, or just over £1,300, rather than the recommended 50%.
We’ve included the following outgoings when looking at the total cost of needs for the average person:
Groceries
Energy bills
Water bill
Council tax
Transport
Mobile phone contract and broadband
TV licence
Insurance
Generational differences
To see if things look better for certain age groups, we looked at the percentage of each generation’s pay cheques that are spent on needs, wants and savings.
18- to 21-year-olds have no chance of using the 50/30/20 method if they have the same needs as those in the other. In fact, all the income for a person in this age group would be spent on the needs category!
22- to 29-year-olds are in a slightly better position because they have some spare income for enjoying themselves, but they aren’t able to save very much either. The biggest savers are in the 40-49 category when the average salary is highest, but even they need to spend more than the allocated 50% on their needs.
This assumes an average cost for every person for the most common needs, but certain age groups may have greater monthly outgoings based on their living situation and dependents.
Case study database
Finder’s research team sometimes needs first-hand experiences of personal finances to bring our pages to life. If selected and used for our research, we will pay for your case study.
If you are interested in taking part, you can apply to be included in our case study database or email: ukpr@finder.com
Sophie Barber is a content marketing manager for Finder in the UK. She has over 5 years experience in writing and publishing clear, concise and informative articles that help consumers make informed decisions. See full bio
Sophie's expertise
Sophie has written 88 Finder guides across topics including:
Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
Matthew's expertise
Matthew has written 282 Finder guides across topics including:
Helping first-time buyers apply for a mortgage
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