Issue #58: The Shocking Average UK Savings

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Ermmm, you’re not going to believe this…

But the average savings in this country are actually surprisingly low… in fact, much MUCH lower than you might think.

I need to share with you these numbers, because you might realise you’re doing way better than you thought.

And if it doesn’t make you feel that way (firstly, sorry!!), I’ll be discussing 3 simple ways to grow your savings in a sensible and achieveable way.

Are you ready to see this? ⬇️

The Average UK Savings

(fyi, I’m taking the median number as it represents each age group the best)

Ok so, the average savings across all ages in the UK is £4,303!

Lower than you thought?

Well wait til you see this 🤯

Here’s the actual figures per age group:

🔹 Ages 20-24: £104

🔹 Ages 25-29: -£56 (yes, negative savings!)

🔹 Ages 30-34: £562

🔹 Ages 35-39: £1,556

🔹 Ages 40-44: £2,778

🔹 Ages 45-49: £2,548

🔹 Ages 50-54: £2,452

🔹 Ages 60-64: £11,250

🔹 Over 65: £16,063

When I originally saw these numbers I was very surprised tbh, hence why I had to share with you guys.

Lmk by replying to this email how you reacted to these figures… and if you’re above your age group’s amount, WELL DONE for being ahead of the curve!

Even better still, if you have more than £4,303 in accessible cash savings, you're doing better than the average person in the UK! 🥳

Buttt… Why Are Savings So Low?

While I don’t have all the answers to this, what I can say is that it can’t just down to bad money habits - unfortunately there are much bigger forces at play.

The rising cost of living, expensive housing, student debt, and wages struggling to keep up with inflation (to name a few) all make saving harder than ever before.

So if you’re feeling behind on saving money, you’re definitely not alone.

That said, there are things you can do, even with the current economic climate. Let me break down to you how to start putting that little bit extra away, and give yourself financial peace of mind 😊👇.

How To Start/Grow Your Savings

1️⃣ Start Small – The habit of saving is way more important than the amount.

Whether it’s £5, £50, or £500 a month, what matters is getting into the routine. Over time, you can increase the amount as your finances grow.

Consistency is key my friends!

2️⃣ Be Tax Efficient – Maximise your savings by using the right accounts.

Cash ISAs, Lifetime ISAs, and pensions all offer tax benefits that can help your money grow faster.

Don’t leave free money on the table!

3️⃣ Pay Yourself First – Treat saving like a non-negotiable bill.

Set up an automatic transfer to your savings before you spend on anything else.

This way, you’re prioritising your future self instead of just saving whatever’s left at the end of the month…

(spoiler: there’s usually nothing left)

And that’s it for today friends. See you next week 😁

Got a question you’d like answered in next week’s newsletter? Just hit reply! Let me know your question and whether you’d like to stay anonymous.  

^{DISCLAIMER: None of the above is financial advice. This newsletter is strictly education and should not be taken as investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and always do your own research.}