In association with The Building Societies Association, we are supporting UK Savings Week which takes place between 9th-15th September 2024.
Whether you see your savings as a safety net or a trampoline, a ‘just in case’ account or ‘a trip of a lifetime’ account. Your savings are what you make of them.
See below some key UK savings statistics taken from research conducted by UK Savings Week*.
Savings amounts
£17,120 – the average (mean) amount that a UK adult has in savings. This amount is affected by those with large amount of savings. The median is a different measure of the average and is less affected. The median value that an adult has in savings is £9,000.
10% of adults have no savings at all.
14% of UK adults have less than £100 in savings.
24% of UK adults have less than £1,000 in savings.
15.5 is the average number of times a year that someone puts money into savings.
£237 – the average (mean) amount that a UK adult puts into savings each month. This amount is affected by those that save large amounts each month. The median is a different measure of the average and is less affected. The median value saved each month across the UK is £76.
Financial resilience
21% of UK adults could not meet an unexpected expense of £300 is they suddenly had to.
33% of UK adults would not have enough in savings to live off for more than one month.
48% of UK adults are still savings less than they did before the cost of living crisis.
Shopping around
31% of UK adults never compare the interest rate on their savings accounts to others available.
41% of UK adults are still with the same savings provider as they opened their first account with as a child.
28% of UK adults hold most of their savings in their current account.
* Research conducted by Opinium on behalf of UK Savings Week:
Between 24 – 28 May 2024 with a nationally represented sample of 2,000 UK Adults