Economic woes are preoccupying many, across most nations. This includes the U.K., where an analysis reveals the extent of the predicament. New data reveals how much U.K. citizens have in savings and what the average person has at their disposal in the early days of 2023.
A study by money.co.uk surveyed 2,000 people on their savings habits to reveal how much money the average person saves, as well as how much they currently have in their accounts. This information has been provided to Digital Journal for review.
The first aspect of the review looked at relative savings rates between people, based on age bracketing.
How much money do people currently have in savings?
| Amount | 18 – 24 | 25 – 34 | 35 – 44 | 45 – 54 | 55 – 64 | 65+ | Overall |
| I don’t currently have any savings | 10.2% | 6.1% | 12.6% | 14.5% | 11.5% | 5.7% | 10.9% |
| Less than £1,000 | 21.6% | 13.5% | 16.2% | 15.7% | 12.1% | 9.8% | 14.7% |
| £1,000 to £2,500 | 10.2% | 11.7% | 11.8% | 11.1% | 8.7% | 4.1% | 10.6% |
| £2,501 to £5,000 | 11.4% | 18.7% | 15.4% | 11.1% | 12.8% | 10.7% | 14.4% |
| £5,001 to £10,000 | 17.0% | 27.6% | 19.0% | 11.6% | 10.3% | 9.0% | 17.3% |
| £10,001 to £20,000 | 8.0% | 7.2% | 9.2% | 9.2% | 8.1% | 9.0% | 8.5% |
| Over £20,000 | 14.8% | 11.7% | 11.0% | 21.3% | 29.6% | 41.0% | 18.3% |
These data reveal that 45-54 year-olds were most likely to have no savings at all (15 percent), followed by 35-44 year-olds (13 percent) and 55-65 year-olds (12 percent). While the youngest demographic are more likely to have savings, these do not represent a high level of income. Here, 18-24 year-olds were most likely to have savings of less than £1,000 (32 percent). At the other end of the age range, those over 65 years-old were most likely to have savings of over £20,000 (41 percent.)
The second area of the survey looks at how much people seek to save each month.
On average, how much do people save each month?
| Amount | 18 – 24 | 25 – 34 | 35 – 44 | 45 – 54 | 55 – 64 | 65+ | Overall |
| Less than £100 | 25.3% | 15.8% | 26.1% | 39.5% | 47.5% | 37.4% | 30.5% |
| £100 to £200 | 26.6% | 23.7% | 25.7% | 27.1% | 20.8% | 27.0% | 24.8% |
| £201 to £300 | 10.1% | 24.9% | 22.3% | 13.0% | 8.5% | 15.7% | 17.9% |
| £301 to £400 | 15.2% | 18.4% | 13.1% | 7.6% | 7.0% | 6.1% | 11.9% |
| £401 to £500 | 12.7% | 9.6% | 6.0% | 5.1% | 5.6% | 6.1% | 6.9% |
| Over £500 | 10.1% | 7.7% | 6.8% | 7.6% | 10.6% | 7.8% | 8.0% |
Here the data shows that for a sizable proportion of people – 31 percent of respondents – saving rates per month are low, less than £100. Following this, around one quarter responded between £100 and £200; meaning 55 percent of people save less than £200 per month.
The data further reveal that monthly savings dropped with age, as over 44’s typically save less than £100 per month, and almost half of 55-64 year-olds reporting to save this sum.
The final consideration is with the proportion of their take-home income that people are saving each calendar month.
How much do you people save as a % of their income each month?
| Amount | 18 – 24 | 25 – 34 | 35 – 44 | 45 – 54 | 55 – 64 | 65+ | Overall |
| 1% – 5% | 12.7% | 16.3% | 24.2% | 35.6% | 33.1% | 33.0% | 26.1% |
| 6% – 10% | 20.3% | 34.0% | 29.8% | 21.5% | 15.1% | 13.0% | 25.3% |
| 11% – 14% | 19.0% | 21.5% | 17.4% | 8.5% | 4.9% | 13.9% | 14.5% |
| 15% – 20% | 15.2% | 12.9% | 9.0% | 5.6% | 4.9% | 7.0% | 8.7% |
| More than 20% | 10.1% | 6.5% | 6.2% | 7.1% | 10.9% | 5.2% | 7.3% |
Here the trends reveal that 51 percent of respondents save between 1 and 10 percent of their monthly income. However, just over a quarter of respondents reported saving between 1-5 percent of their monthly income, which represents a low level.
