In 2017, around 6.5 million adults in the United Kingdom had no cash savings. Once you are an adult, having savings is a key element of preparing yourself for life’s little and big surprises. Building cash savings can be a difficult task as it takes careful planning, and time to accumulate. Those aged between 18 and 24 years of age in the United Kingdom have the lowest mean amount in cash savings of any age group. As of 2017, one in eight UK adults had no cash savings, with a further 32 percent of the population having between zero and two thousand British pounds.
With age comes wisdom
The correlation between age and the mean amount of cash savings can be somewhat linked to individuals’ priorities. Younger people will be looking to put money towards large items such as a car, home or travel whereas those aged over 65 have not only had time to build their savings, but also are more likely to have no unsecured debt, and to own a property outright.
Rainy day fund
As we get older, the importance of having some form of savings for an emergency, or unforeseen circumstances becomes clearer. Planning for the long-term becomes of higher importance as we age. Despite this, as of 2018, just over half of the adult population had adequate savings for retirement.
Mean amount of cash savings in the United Kingdom (UK) in 2017, by age group
(in 1,000 GBP)
Characteristic
Mean amount in thousand GBP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Exclusive Premium Statistic
To access all Premium Statistics, you need a paid Statista Account
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Financial Conduct Authority. (October 31, 2017). Mean amount of cash savings in the United Kingdom (UK) in 2017, by age group (in 1,000 GBP) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/824450/average-cash-saving-united-kingdom-by-age/
Financial Conduct Authority. "Mean amount of cash savings in the United Kingdom (UK) in 2017, by age group (in 1,000 GBP)." Chart. October 31, 2017. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/824450/average-cash-saving-united-kingdom-by-age/
Financial Conduct Authority. (2017). Mean amount of cash savings in the United Kingdom (UK) in 2017, by age group (in 1,000 GBP). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/824450/average-cash-saving-united-kingdom-by-age/
Financial Conduct Authority. "Mean Amount of Cash Savings in The United Kingdom (Uk) in 2017, by Age Group (in 1,000 Gbp)." Statista, Statista Inc., 31 Oct 2017, https://www.statista.com/statistics/824450/average-cash-saving-united-kingdom-by-age/
Financial Conduct Authority, Mean amount of cash savings in the United Kingdom (UK) in 2017, by age group (in 1,000 GBP) Statista, https://www.statista.com/statistics/824450/average-cash-saving-united-kingdom-by-age/ (last visited August 25, 2024)
Mean amount of cash savings in the United Kingdom (UK) in 2017, by age group (in 1,000 GBP) [Graph], Financial Conduct Authority, October 31, 2017. [Online]. Available: https://www.statista.com/statistics/824450/average-cash-saving-united-kingdom-by-age/