Like most things, saving money is a marathon not a sprint, and deciding how much money you should be saving isn’t an easy decision. Simply put, you should save as much as you can afford to each month - to help plan for your future as well as any unexpected emergencies – which people told us is the main reason they save money.
UK average savings by age
To help decide the right amount for you, we asked 2,000 people how much they save. Take a look at the infographic below to learn how people in different age groups are saving - from their 20s right through to their 70s.
The right time to save
So there you have it. You know how much money people put away each month, and that your 30s are your savings peak, with almost 60% of a 30 year old’s disposable income going straight into a savings account each month.
However, don’t worry if your savings plan isn’t across the finish line just yet. We’ve pulled together everything you need to know about savings accounts to help you make the right choice for your money.
1 Opinium conducted research among 2,004 adults living in the UK on behalf of Charter Savings Bank between 12th – 16th October 2018