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Remarkable UK Savings Statistics & Facts for 2023

Remarkable UK Savings Statistics & Facts for 2023

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We all know the importance of saving and love the comfort that only a nice financial safety net can provide. But how do we know we are saving as much as we need to?! Many people want to compare their savings to others but are not comfortable disclosing their earnings. These UK savings statistics will provide you with all the information you need to have without having to talk about money. 

Learn how many Brits have savings accounts, what type of saving they prefer, and even how much the average British household has saved up. Additionally, the stats below offer insight into average savings by region, gender, age, and other demographics. So, let’s dive right in.

Top 10 UK Savings Statistics and Facts

  • British households save 7.6% of their disposable income as of Q2 of 2022.

  • 60% of UK households have savings accounts of some kind.

  • The total number of ISA subscriptions in the UK is 12.2 million.

  • The South East region has the largest number of savers, with 1.1 million cash ISA subscriptions.

  • The total amount subscribed in all ISAs in the UK is £72.243 billion.

  • The average amount of savings per UK household adds up to £76,301.

  • The average British household saves a median amount of £198.8 per month.

  • 25.95% of Brits have less than £1,000 in savings.

  • Londoners, with an average of £28,978.40, have the highest savings average in the UK.

  • Only 8% of Brits between 16 and 24 are very confident in their living standards after retirement.

Savings Account Statistics

The total number of ISA subscriptions in the UK is 12.2 million.

Two-thirds, or 8 million, of these accounts are cash subscriptions, while 3.5 million are stock and shares ISAs. Additionally, 553,000 are lifetime ISAs, and the remaining 16,000 are innovative finance ISAs. Moreover, data points to an additional 943,000 Junior ISA subscriptions, 668,000 of which are cash accounts, 275,000 are stocks and shares, and 38,000 are stocks and shares insurance component accounts. 

(Gov.uk)

The South East region has the largest number of savers, with 1.1 million cash ISA subscriptions.

Furthermore, savings statistics for the UK show that there are 1.095 million cash ISA subscriptions from London and 1.089 million from the North West and Merseyside region, rounding up the top three regions by the number of ISA subscriptions in the UK. The total number of cash ISA subscriptions from England is 7.8 million. In addition, there are another 645,000 subscriptions from Scotland, 493,000 from Wales, and 188,000 from Northern Ireland.

(Gov.uk)

More than half, or 5 million, of the cash ISAs in the UK belong to female subscribers.

Male subscribers account for the remaining 4.1 million cash ISA accounts. Furthermore, savings statistics by age reveal that the largest number, or 2.2 million, of cash ISA subscriptions belong to people aged between 25 and 34. Next in line are Brits under 25, who account for 1.7 million, followed by those over 65 with 1.5 million cash ISA subscriptions. 

Data further reveals that 1.3 million cash ISAs belong to Britons between 35 and 44, 1.15 million to those between 55 and 64, and the age group with the smallest number of cash ISA subscriptions is accounted by those between 45 and 54, with 1.13 million accounts. 

(Gov.uk)

Only 57,000 of the cash ISA accounts belong to Brits with an income of over £150,000.

Savings statistics by income show that the largest number, or 2.6 million, of the cash ISA subscriptions in the UK belong to Brits with incomes between £10,000 and £19,999. Furthermore, there are 2 million that belong to people who earn between £20,000 and £29,999, which means Britons with earnings between £10,000 and £29,999 account for more than half of the savers in the UK. 

Additionally, 1.8 million of the cash ISA subscriptions belong to Brits with incomes between £30,000 and £49,000, while the number of savers in other income ranges is under one million.

(Gov.uk)

The total amount subscribed in all ISAs in the UK is £72.243 billion.

UK personal savings statistics further reveal that the largest portion, or £36.815 billion of these savings, is in cash ISA subscriptions, while £33.853 billion is in stocks and shares. Additionally, £1.482 billion is in lifetime ISA subscriptions, and £92 million is in innovative finance ISAs.

Moreover, the average amount subscribed in all British ISAs is £5,913. Stocks and shares subscriptions have the highest average of £9,432, followed by innovative finance ISAs with £5,750. The average cash ISA subscription is £4,568, and the average subscription for lifetime ISAs is £2,680.

(Gov.uk)

UK Household Savings Statistics

British households save 7.6% of their disposable income as of Q2 of 2022.

Data reveals that the households’ saving ratio in the UK has been on the decline since the first quarter of 2021, when British families were saving 20.2% of their disposable income. In the very next quarter, an 8.5 percentage points dip was recorded when the ratio dropped to 11.7%. 

The declining trend continued in Q3 when the ratio dropped to 9.3%, and by Q4 of 2021, it had gone down to 8.3%. The saving ratio remained at 8.3% in the first quarter of 2022 and declined again in Q2 to reach 7.6%.

(ONS)

60% of UK households have savings accounts of some kind.

Household savings statistics show that ISA accounts are the most popular savings account in the UK, with 44% of British households subscribing to one. Among them, cash ISAs are the most common, with 37%, while only 12% of British households are subscribing to a stocks and shares ISA. Additionally, 24% of families in the UK own national savings certificates and bonds, and 7% save informally.

(ONS)

The average savings amount per UK household adds up to £76,301.

The above figure includes all types of savings accounts, ISAs, and investments that add to the gross financial wealth of British families. However, the average household savings in the UK isn’t a very accurate representation of the savings of British families since it is skewed by a minuscule percentage of people who hold enormous amounts of money. Median values are a much more correct way to look at these stats. They show us that the median household savings in the UK are £12,500, meaning that 50% of British families have more and 50% have less than this amount.

(ONS, Nimblefins)

The average British household saves a median amount of £198.8 per month.

As mentioned above, the average UK household savings don’t give an accurate representation of how much Brits actually save, bringing about the need for additional calculations. Considering that the median household income in the UK is £31,400, if we divide it by 12, it equals an average monthly income of £2,616.66 per household. Using the 7.6% household saving ratio, this adds up to an average of £198.8 per household per month.

(ONS)

Data on Average Savings

25.95% of Brits have less than £1,000 in savings.

According to a recent survey, the average UK savings per person are £35,361.09. However, when the top and bottom percentiles are removed, the middle 66% of Brits have an average savings of £9,633.30. 

Moreover, the results show that British men have saved up more, or £13,140.61 on average, while British women have an average of £6,869.84 in savings. Additionally, just below one-fourth of all men and just over one-third of all British women have less than £1,000 in savings.

(Raisin)

Britons over the age of 55 have a savings average of £20,028.60.

Unsurprisingly, the statistics on the average savings by age in the UK confirm that older people have saved up more than younger people. In comparison, Brits between 45 and 54 have saved up significantly less than the oldest age group and have an average savings of £11,013.99. Similarly, the average savings amount drops to £5,995.92 for Brits between 35 and 44, to £3,544.16 for those between 25 and 34, and to £2,481.16 for those between 18 and 24.

(Raisin)

50.83% of Brits between 18 and 24 have less than £1,000 in savings.

Data on the UK average savings by age further reveals that 10.83% of young British adults have no savings, while 27.50% have saved up no more than £100. Furthermore, Brits between 25 and 34 are the age group with the largest percentage of people with no savings, with 12.38%. Additionally, 42.08% of them have savings of less than £1,000, while 21.78% have less than £100 in savings.  

(Raisin)

Exactly one-third, or 33.33% of Britons between 35 and 44, have savings of up to £1,000.

Moreover, 12.99% of them have saved up less than £100, while 7.91% have no savings at all. Personal savings statistics also reveal that 25.85% of Brits between 45 and 54 have savings of less than £1,000, 11.22% have less than £100, and 6.34% haven’t got any money saved.

Finally, data on Brits older than 55 shows that just 2.23% of these people have no savings. Additionally, 7.59% of them have savings of less than £100, while the percentage of older Britons with savings of less than £1,000 is 18.08%. 

(Raisin)

Londoners, with an average of £28,978.40, have, by far, the highest savings average in the UK.

Data on the average UK savings by region reveals that those from the West Midlands have the second-highest average savings, with £13,318.35, or more than twice as little as Londoners. Savers from the North East region are in the third spot with £10,022.58. 

Furthermore, the average savings amount in Wales is £9,648.91, in Scotland, it is £7,297.19, and in Northern Ireland, it is £6,710.00. Those from the East Midlands have the lowest average savings in the country, with £6,438.48. 

(Raisin)

28% of Brits increased their savings during the COVID-19 pandemic.

Statistics on savings and the pandemic show that 42% of high-income employees increased their savings during this period, while 16% decreased them. However, COVID’s effect wasn’t so positive on the employees from the other income level ranges. Namely, the savings of 32% of middle-income employees grew, but for 18% of them, they declined. 

The ones that felt the most negative effect of the pandemic were low-income employees, among which 24% reported decreased savings and only 23% reported savings increases. Additionally, the savings of 28% of the unemployed and 36% of the furloughed Britons were reduced as well. 

(Bank of England)

Retirement Savings Statistics

45% of Brits believe that an employer pension is the safest way to save for retirement.

Additionally, 25% of working-age Britons believe that investing in properties is the safest way to save, while 12% believe that a personal pension is the right way to go about it. ISAs are the safest saving method, according to 7% of Brits, and savings accounts are the preferred option for 5% of them. Lastly, only 1% of the British believe that stocks and shares, and just as many believe that premium bonds are the safest way to save for retirement.

(ONS)

Between 65 and 69 is the age that 58% of Brits (57% of men vs 59% of women) expect to retire.

UK pension savings statistics reveal that the ages that British men and women expect to retire at are quite similar, with women expecting to retire slightly earlier than men. Only 1% (for both genders) expect to retire younger than 55, while 5% (5% men vs 6% women) believe they will retire when they are between 55 and 59 years old. 

Furthermore, 20% of Brits (18% men vs 22% women) look forward to retiring at between 60 and 64, 12% (15% men vs 10% women) at between 70 and 74, and 4% (5% men vs 3% women) believe they will retire when they are older than 75. 

(ONS)

Only 8% of Brits between 16 and 24 are very confident in their living standards after retirement.

Retirement savings by age statistics show that younger Britons are less confident in their standard of living in retirement than Britons who are getting closer to retirement age. Namely, a similar percentage of 9% of Brits between 25 and 34, and 8% of those between 35 and 44 are very confident they will live comfortably once they retire. 

The percentage of very confident Brits increases to 10% for those between 45 and 54 and increases again to 15% for 55 to 64-year-old Britons. Finally, 13% of Brits over 65 are very confident they will have a comfortable lifestyle in retirement.

(ONS)

FAQ on UK Savings Statistics

How many UK people have savings?
How much does the average person save a month in the UK?
How much does the average person have in savings?

The Summary

Savings in the UK vary drastically. Certain groups of savers have saved up so much more than others, they even make the mean average values obsolete. For example, the average savings amount in London is more than four times higher than the one in the East Midlands, and Brits over 55 have saved up almost ten times more than young adults. Nevertheless, UK savings statistics reveal that as long as you are saving more than £106 a month, you are doing better than the typical Brit. 

Sources:

Hristina Nikolovska
Hristina Nikolovska
An internship in a digital marketing agency during her freshman year of university got Tina into content. A decade later, she’s utilizing her educational background in English and knack for research to craft website content on crypto and ensure readers are fully informed. When she’s not investigating the crypto market and expanding her knowledge, you’ll find her randomly roaming cities and sunny coasts all over the world.