How much should a normal 20yr old have saved?

[shanease134]

Just a curious question. I have never had a PROPER job just done a few bits there and now but always managed to save what I've made.

The question is, what should the normal 18-20yr old have saved with no parental help?

If an uni? Probably very little. Enough to help get theu the next term?

I don't know anyone who had savings at that age because we were either all living hand to mouth at university or living hand to mouth in very low paid jobs.

@PineappleUpsideDownCake

If an uni? Probably very little. Enough to help get theu the next term?

No not at Uni but anyone at Uni will have had government support etc.

I didn't have any savings at all at that age, but I moved out when I was 17 so was paying rent and bills etc. It depends on circumstance surely. Some 20 year olds are still living at home and not paying any bills.

I was at uni. I had a lot of debt but no savings.
After uni I had to rent in an expensive city for my job so also no chance to save. I didn’t start saving until I was around 25.

Depends on circumstances surely. One of mine is at uni on a very strict budget so no chance to save. The other earns about £1200 a month and spends it all on going out, shopping etc, she certainly needs to start saving something!

@LuckyAmy1986

I didn't have any savings at all at that age, but I moved out when I was 17 so was paying rent and bills etc. It depends on circumstance surely. Some 20 year olds are still living at home and not paying any bills.

Of course, it depends on your situation but why did you move out if you weren't financially stable?

I had about £5,000 saved by the end of the summer I started university, saved from my weekend and summer job. If living at home I’d expect most teenagers to have a part-time or summer job and to be either saving at least half of their earnings but perhaps to not have much if away at university and using earnings for living costs.

At the ages of 19-21 I usually had somewhere between 2-4K saved.

Most people at uni have no government support

I was in uni and worked at the weekend and in the summer. But I had my rent paid by my parents...no fees for me either.

It's a question that nobody can answer, and define NORMAL? Everybody's circumstances are different

@kittykat35

At the ages of 19-21 I usually had somewhere between 2-4K saved.

Would circa 20k saved for a 20yr old be a good amount would you say? I am trying to compare with others but i don't know everyone's situation. I'm asking for someone else.

No not at Uni but anyone at Uni will have had government support etc.

What gov support? They'll have a loan!

If the 18 year old lives at home and works they should be able to save. If they're housesharing paying rent they probably won't.

Depends on circumstances. 20 year old living at home, even paying a nominal rent to their parents, will have saved a lot more than twenty year old doing the same job, and living away from home, paying rent, food, transport costs etc.

Depends! Are they living at home? Do their parents charge them rent?

I was proud of saving 4400 in 6 months to go on a gap year but my parents didn't charge me anything to live at home.

At uni I lived in a grant/bursary and couldn't save anything.

At 20 I was a student. I had an emergency £20 note in the lining of my bike helmet. That was all.

My Dd is 19 and doesn't have any but she's moved out and is completely independent of me.
She lives with her boyfriend in a privately rented flat.

No parental support? By that do you mean living alone and paying their own way I would say very very little.

Or do you mean living at home with no costs? In which case I’d expect to save 50% of any income

@shanease134 20k? Yeah why not... each to there own. There's no set amount to have as a 20yr old. Of course it depends on a lot of circumstances. I would say 20k is above average.

I think £20k would be excellent, as that averages around £800 per month.

Would circa 20k saved for a 20yr old be a good amount would you say? I am trying to compare with others but i don't know everyone's situation. I'm asking for someone else.

Well again it depends doesn't it. If you've been earning minimum wage for 3 years, live with parents, don't pay board, then £20k would be well within a reasonable expectation.

But the majority of 20 year olds won't be in that position so won't have £20k in savings.

I was at university. Had no savings but no debt.
I dont think savings are something most 20 year olds think of tbh unless it's for something specific. I went backpacking round the world for a year when I was 25 so we saved for that but all through my 20s, and 30s really, we just saved for specific things (wedding, house deposit, long haul holidays) rather than to squirrel away for some unknown future. Money was for enjoying ourselves with. Then dd came along and changed all that

At 20 years old I had negative savings! I was about £25000 in debt!!!

Mind you I don't have £20k of savings!