Exact amount you'll need in savings at age 30 in order to be able to retire has been revealed

Young people in the UK really don't have it easy right now.

It feels like the price of everything is going up, it's almost impossible to buy a house and there's barely any jobs left on the market.

But, for those of us lucky to have secured a role, we might have to forget about spending any of the money we earn from it if we ever want to retire. A study has revealed exactly how much we need to have in our savings if we ever want to enjoy the sweet taste of financial freedom.

As much as Money Saving Expert Martin Lewis saves us a few quid every now and then, that is rarely enough to tell your boss you're quitting and the reality is that the vast majority of us will be working for the foreseeable future.

We might have to dip into those piggy banks (Getty Stock Image)

According to research from Finder, Brits between the ages of 18 and 24 have average savings of £4,759, while those between 25 and 34 apparently have £9,357. However, it seems as if anyone around that range might have to start putting a lot more away if they do want to retire at, or before, the current retirement age of 66.

Though it's worth noting that the UK State Pension age is set to rise even further, sorry lads.

And according to research from investment management company Fidelity, by the age of 30, experts recommend an amount in savings worth one times your annual salary. So if you're earning £30k by 30, then you'd want about that much in savings, which might prove tough given how much of our wage goes on rent, bills and food.

This is a good number to go off, as it's around the median salary in the UK, even if Americans think that would mean you're broke living over there.

Obviously, as you get older you have more experience and can hopefully move up the job ladder, but the amount you need to save each year only increases with age as well.

The Independent reports that those of you in your 20s need to start saving nearly £500 a month if you weren't already, so those expensive holidays and tech purchases may have to wait.

Isn't it wonderful that we can look forward to enjoying our lives of retirement at 66? (Getty Stock Image)

Giving a starting point of no savings, a 35-year-old should start saving £841 a month, a figure which increases to £1,703 at 45 and £4,508 at 55 - something which would be nearly impossible for all but the top earners in the UK.

For those of you who have made an early start on savings then congrats, you might be able to retire before you're 60 if you're lucky.

Given the imminent threat of WW3 and the ongoing climate crisis, it's difficult to think that far ahead right now, so maybe just forget about retirement and enjoy yourselves while you still can.