It’s an incredibly difficult time to save right now (Picture: Getty Images)
Are you a spender or a natural Scrooge? Are you saving enough or are you going to struggle in later years?
It can be hard to know how your financial situation compares to that of your peers. Add to this the cost of living crisis, it can feel difficult to bring up the topic of savings, or the topic of money as a whole.
What if you make somebody else feel bad. What if you feel bad? It can be easier just not to talk about it.
Luckily, the experts at Finder have done the investigating for us so you don’t have to have any awkward conversations (though maybe we all should be talking more!).
They’ve worked out the UK median savings for different age brackets, but remember that in all the categories there are a percentage of adults who have absolutely no savings at all – and, for most, it’s an extremely difficult time to even think about saving right now.
The data shows almost half of UK adults (46%) have £1,000 or less in savings, with 25% having less than £200 saved.
Age 18-24. Median savings: £3,636
At this age, you’re unlikely to have much stored away (Picture:Getty Images/iStockphoto)
With your lifestyle changing as quickly as the British weather, saving money can be difficult, if not impossible.
At this age, it’s hard to demand high wages, and with the job market increasingly shaky, if you’re managing to keep up with the new world of bills, jobs, perhaps university, and a social life, you’re probably doing just fine.
Age 25-34 – Median savings: £3,748
Your late 20s and early 30s are a strange time – some of your friends might have kids, some are still figuring out what career they’d like (and some are doing both).
It can feel a bit like you’re floundering between life stages. You’re meant to be a proper adult now, right? Or are you meant to be enjoying your youth?
The usual milestones of promotions and buying your own place sometimes feel far, far out of reach.
In terms of savings, this age bracket hasn’t changed all that much from the 18-24 bracket, and we can guess that the little extra might come from the barrage of stag and hen parties you now have to fund.
Age 35-44 – Median savings: £5,714
Maybe you’ve moved up the career ladder a rung, or that business you started to work on in your 20s is finally seeing the light of day, but savings in this age group have jumped up.
We’re now at a median average savings of £5,714. Perhaps you’re also starting to use the phrase ‘saving for a rainy day’ in earnest.
Age 45-54 – Median savings: £9,402
You’re more likely to have dependents in a variety of forms (Picture: Getty Images)
In the next age bracket, we see a rapid increase in savings with the median pot now sitting at just under £10,000.
With age comes wisdom, apparently, and maybe you have discovered …read more
Source:: Metro
