How much Brits have in their savings on average, depending on how old they are

Like ABBA once said: “Money, Money, Money. Always Funny, In a Rich Man’s World.” But we’re not all rich, and the amount of money we can save varies a lot.

While some people might earn enough or be frugal enough to put between a few pence and hundred quid into their savings pot- that’s not the reality of everyone.

In fact, the amount people can save is very different depending on the age of the person and their personal circumstances.

Of course, maybe we could have all saved a bit more before the cost-of-living crisis, which has seen people scrimp and save like never before thanks to price hikes, bills and general inflation.

However, right now, people are struggling like never before to minimise their expenditure.

Personal finance coach Shads posted to TikTok, sharing a video which explores a Finder study which revealed just how much people have in their savings, and the results are shocking.

How do you compare to the UK average?

Talking and savings just got real (Getty Stock Images)

18-24 age group

According to the study, people between the age of 18 and 24 have around £3,636 in their savings, but Shads did explain that 59.9 per cent of those have less than £1000 in their savings, and a lucky 3.8 per cent have over £10,000.

But according to Forbes, for those who work 30 plus hours a week, they have between £24,440 and £32,292 in savings.

Who are these people? I need to know how they do this.

25-34 Age Group

Now, for those in the 25-34 age group, the average saving is apparently £3,748 - which is a little bit more than the previous age bracket.

However, 59.2 per cent of those have less than £1,000 in savings and 8.6 per cent have over £10,000 to fall back on.

But we need to consider wage differences here too.

Those up to 29 make on average £32,292 per year, and those from 30 onwards make £39,988.

Different ages save different amounts (Getty Stock Images)

35-44 Age Group

Now, between those who are 35 to 44, Shads says they have around £5,714 in savings, with 50.8 per cent of people having less than £1,000 and 12.4 per cent with more than £10,000.

According to ONS, the average wage for those 39 and above is around £42,796.

45-54 Age Group

Let’s get into the nitty gritty of the middle-age folk.

Apparently, they’re saving a lot of money as the figure jumps significantly from the previous group.

According to the study, they should have approximately £9,402 in savings, with 44 per cent of people saving less than a grand.

For those above the 10k savings goal, this is also more than past Gens, as it’s 44 per cent - so, they’re doing well.

While this is all coming from a study, there are other figures that have been released by other companies.

For example, Raisin (a savings company) states that the UK average is £35,361.06.

However, they did note that ‘6.50% have absolutely no savings, 25.95% have less than £1,000 in savings’, and middle earners have an average of £9,633.30 in their pots.

These figures are purely the average of those surveyed, so don’t feel upset if you’ve not been able to save anything at all.