We know how hard it is to keep savings at the forefront of your mind in this day and age.
But with the cost-of-living crisis showing absolutely no signs of letting up, the reality is that making sure you put a bit to the side is almost essential. Anything and everything seems to be skyrocketing in price, from properties and bills to food and activities.
On top of all of that, the job market isn't what you'd call fruitful either, with thousands of graduates struggling to find a permanent role out of university.
To highlight the issues, a number of studies have been carried out by the experts over at Finder and those at Fidelity, who found out how much Brits have in their savings, as well as how much they'd need to be comfortable in retirement, among other discoveries.
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How much do you need in your 30s to be comfortable for retirement?
Financial freedom may seem like a pipe dream, but Fidelity have highlighted the figure that you should aim to have in your 30s to achieve this goal.
They claim that you should have an amount in savings that is equivalent to one year's worth of salary, by the time you're 30.
To maintain your lifestyle, it is said that if you're earning £30,000 by the time you're 30, that's how much you should have in savings both in and out of pensions.
But with a higher percentage of salaries going on living expenses, it looks like this will be harder than ever.
£30k is the median salary across the country, but even average earners will struggle to live and save through the 50/30/20 method. This involves spending 50 percent of your salary on needs, 30 percent on wants, and putting 20 percent to the side.
The reality is closer to a 60/30/10 split across all age groups, say Finder, while those aged 22-29 are currently suffering with an average 70/30/0 split.
How much does the average Brit have in savings?
The average adult in the UK has £16,067 in savings in 2025, according to Finder, though more shocking stat points were also noted.
While 71 percent of Brits had money in savings, 16 percent of adults admitted to having no savings at all. 39 percent of UK residents reported to have £1,000 or less in savings, while nearly a quarter had £200 or less in the bank.
On average, men had £20,810 in savings on average, while women had £11,432 in savings.
Those aged 25-34 have average savings of £9,357, almost £2,000 more than those aged 35-44, while people aged 18-24 (Generation Z) averaged £4,758 in savings.
People aged 55 and over averaged £27,949 in savings, while 18 percent of millennials and people in generation X reported having no savings at all.
How much should you be saving each month?
It should be noted that the UK State Pension age is set to rise even more, unfortunately, making that dream of retirement that bit further away.
Currently, the retirement age is 66.
As reported by The Independent, it is said that people in their 20s should be looking to save up to £500 if you aren't already, to put you in a position of financial freedom when retirement swings around.
Wave goodbye to those holidays, gigs, and well, fun.
From a point of zero, a 35-year-old should be looking to save £841 per month, which should go up to £1,703 at 45 and then £4,508 at 55, which seems almost unfathomable unless you're in the top tax bracket.
As for those who started saving considerable amounts early on, well done.
It looks like you might be able to retire well before 66.
Topics: Cost of Living, Money, UK News
Joshua Nair