December 27th, 2022, Kineree Shah
How much money have Britons saved in their savings accounts? Recent data from YouGov Profiles reveals varying levels of savings across different age groups and between genders.
Among the general population, a significant portion of people have managed to save some money, though the amounts vary widely. One in 10 Britons have less than £100 in their savings accounts, while 7% have between £100 and £499. Another 4% have savings ranging from £500 to £999. The group with £1,000 to £4,999 in savings accounts for 13% of the population, while those with £5,000 to £9,999 make up 6%. Interestingly, 14% of Britons have saved between £10,000 and £49,999. A smaller percentage, 5%, have between £50,000 and £99,999, and another 5% have £100,000 or more in their savings. Notably, 10% of Britons reported not having any savings.
Looking at the data by age, young adults aged 18-24 are more likely to have lower savings, with 9% having less than £100 and 17% saving between £1,000 and £4,999. This age group also has the highest percentage of individuals with no savings at 12%. Adults aged 25-39 show similar patterns, with 13% having less than £100, but 16% have saved between £1,000 and £4,999.
In the 40-54 age group, 14% have savings under £100, while a larger portion, 14%, have between £1,000 and £4,999. This group also has 12% of individuals without any savings. Older adults aged 55 and above are less likely to have minimal savings, with only 7% having less than £100. This age group is also more likely to have higher savings, with 15% having between £10,000 and £49,999, and 9% having over £100,000. Only 8% of this group reported having no savings.
Gender also plays a role in savings habits. Among males, 10% have less than £100 saved, while 7% have £100-£499. About 14% of men have saved between £1,000 and £4,999, and 15% have between £10,000 and £49,999. A higher percentage of men, 7%, have savings over £100,000. Additionally, 8% of men have no savings. For females, 11% have less than £100, and 7% have saved £100-£499. Around 12% of women have between £1,000 and £4,999 in savings, and 13% have between £10,000 and £49,999. Only 3% of women have savings over £100,000. One in 10 women reported having no savings (11%).
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Methodology: 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.