How much do Britons save for their future?
December 27th, 2022, Kineree Shah

How much do Britons save for their future?

More than half of Britons consider themselves financially secure (56%), but that may not be reflected in their savings accounts. One in 10 consumers do not have any savings while an equal percentage say they have less than £100 in their account (11% each). However, 14% of Britons say they have between £10,000 and £50,0000 in savings.

Around one in six (16%) of British men have between £10,000 and £50,000 in their savings account in comparison to only 12% women. It seems that age is no predictor of savings, however. Nearly a tenth of all age-groups have no savings, but those aged between, 18-24 and 40-54 are marginally more likely to say this is the case. About a fifth of 18-24-year-old adults say they have between £1,000 and £5,000 in savings (19%). Britons aged 55+ are more likely to have more than £10,000 in their savings account (16%).

Digging further into the sentiments of those who have less than £100 or no savings, members of this segment are more likely than the general public to say they don’t see the point of savings account (24% vs 19%). They are also more likely than the general population to make impulsive purchases (45% vs 38%) and say financial matters confuse them (45% vs 36%).

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YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for GB is nationally representative of the online population and weighted by age, gender, education, region, and race. Learn more about Profiles