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.
Quick overview The average UK resident has £17,773 in savings in 2023. In 2023, almost a quarter (23%) of Brits have no savings at all, rising from a fifth (20%) in 2022. Half of Brits (50%) have £1000 or less in savings. Around 27 million Brits (51%) would not be able to live off their savings for more than one month. Women only have £11,698 in savings on average, compared to £23,951 for men. Those aged 55+ have 14 times more in savings on average that those aged 18-24. The highest earners have 12 times more in savings on average than the lowest earners. A third (32%) of gen X have no savings at all, more than any other generation. Gen Z had the biggest increase in the number of people with no savings, going from 12% in 2022 to 22% in 2023. The average amount saved in a cash ISA was £4,330 for the 2021/2022 tax year.
Analysis conducted by finder.com/uk
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