Savings are a crucial part of money management. Whether it’s putting money aside for a particular purchase in mind, or building up a rainy day pot for something unexpected.
Research gathered by www.money.co.uk looks at the most recent UK savings statistics, to include topics such as people’s average savings in the UK, as well as demographic breakdown of UK savings market statistics, by age, gender, region, and job type.
This research has also looked at savings statistics for the most popular savings accounts in the UK, outlined the various factors affecting people’s ability to save in 2023, and suggested what the future might hold for people’s financial security in the UK going forward. Below is an overview of UK Statistics. For a full breakdown and analysis you can visit here.
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The average person in the UK has £17,365 in their savings.
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34% of adults had either no savings, or less than £1000, in a savings account.
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61% of UK adults save money either every, or most, months.
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Almost two-thirds (65%) of people believe they wouldn’t be able to last three months without borrowing money.
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Savings accounts are the most popular savings method among UK adults, with over half (57%) using these to save money.
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23% of savers don’t check the interest rate before opening an account.
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Men have more savings on average than women across every age group.
*Source: https://www.money.co.uk/savings-accounts/savings-statistics
Analysis conducted by money.co.uk