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Original poster

How much should a normal 20yr old have saved?

251 replies

shanease134 · 12/10/2020 15:40

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?

OP posts:

SoUtterlyGroundDown · 12/10/2020 19:04

@shanease134

This thread has completely been taken out of context. I answered one question and it has become the main point of the thread.

The main question was how much young people have saved? I brought up someone I knew in response to a question because everyone seems to think it's impossible. Oh well, this just shows the jealousy on this forum

I can promise you I have absolutely no jealousy with regards to your ‘friend’.

CountFosco · 12/10/2020 19:09

Average savings in the UK. The average 40 year old doesn't have £20k saved, let alone a 20 yo.

imfatletsparty · 12/10/2020 19:09

Nobody cares about your fantasy pal 😂

GoldenOmber · 12/10/2020 19:09

What IS normal when you’re 20 is to vaguely know somebody who insists he’s a lot richer and more interesting than he actually is, despite this clearly being bollocks.

badg3r · 12/10/2020 19:10

At 20 I was a student with rent and fees coming in at 4K a year more than my loan covered. I worked nights and earned around 400 a month. I lived in my overdraft! It was worth it though, I love my field, had a wonderful time at uni and am stable financially now.

Wetweekend99 · 12/10/2020 19:11

You just sound a bit thick. Can't do simple maths or understand the word indirectly.

Original poster

shanease134 · 12/10/2020 19:13

@Wetweekend99

You just sound a bit thick. Can't do simple maths or understand the word indirectly.

Or you could read the entire thread before commenting.

OP posts:

Original poster

shanease134 · 12/10/2020 19:13

@imfatletsparty

Nobody cares about your fantasy pal 😂

Sir, you sound jealous to me?

OP posts:

Prettybluepigeons · 12/10/2020 19:14

Is this your mate?
images.app.goo.gl/M5zPxiMHYq6aPovY9

ShatnersBaboon · 12/10/2020 19:14

@GoldenOmber

What IS normal when you’re 20 is to vaguely know somebody who insists he’s a lot richer and more interesting than he actually is, despite this clearly being bollocks.

Yes!

PineappleTart · 12/10/2020 19:23

I'm in my thirties and I'm still skint. But then I moved out at 17 and haven't received anything from a parent since. Many times over those years I've had to prioritise bills over everything else. I've always worked full time. Maybe if I'd been able to stay home and just been able to save I might have a pot of savings and been able to get a mortgage. But it's not jealousy on my part, it's just life.

Butchyrestingface · 12/10/2020 19:36

This reads like an especially tedious effort on the Student Room from a half-pished and not terribly articulate teenager at 3am.

Anyway, £20k at age 20 is chicken feed. Somebody needs to up their game.

opinionatedfreak · 12/10/2020 19:36

It's easy to save if you aren't paying for the roof over your head, utilities or council tax.

I would definitely expect someone in that situation to have money saved.

MrsGrindah · 12/10/2020 19:44

Jealous of what?

UncleFoster · 12/10/2020 19:45

This thread has been very enjoyable. Its like OP is arguing with themselves

Why are young people so irresponsible with money?

All the young people I know have 100k of savings!

Young people should save all their money

Young people should buy gucci

Young people should save with no parental support

Young people should live at home rent free for as long as possible

MotherPiglet · 12/10/2020 19:47

I'd say it's very varied and depends on lots of things. My friends all went to uni and had few savings but me and my now husband got our first mortgage aged 19... so we had a house rather than savings at that point as we had used them on the deposit.

JunoJigglewick · 12/10/2020 19:53

I'm sure if i hadn't gone to uni and had been able to get a full time job instead and continued to live rent and Bill free at my parents house, I could have saved money.

£20k is not realistic though.

But going to uni means, generally, a student cannot work full time. And has to pay for rent and bills (unless at home rent and Bill free), books and fees. Clothes food and transport too.

I call bullshit though OP. And you know it is.

debwong · 12/10/2020 19:55

OP, are your perspectives perhaps skewed by being the daughter of an oligarch?

MsAwesomeDragon · 12/10/2020 19:56

When I was 20 I had just come home from 2 years of traveling so had blown all my savings. I'd saved about £5,000 before I went traveling and then worked my way around doing temp jobs here and there. Loads of fun, but definitely didn't have savings when I came home. Then I went to uni so I scraped by on my student loan, which definitely didn't leave extra for saving.

Dd1 is currently 20. I don't think she's got savings. She's at uni, so living off student loans and the top up I send her each week. I'll be bloody annoyed if she's got savings actually, that's my money, which I don't begrudge her for living on but it isn't enough for saving as well.

Lowkee · 12/10/2020 20:20

How much have YOU saved OP? We don't particularly care about randomers. Not sure why you started this thread.

UnitedRoad · 12/10/2020 21:01

My daughters are 19 and 21. The oldest has about £12k saved. She lives at home, buys a lot of her own food (her choice), and gives us £200 a month.

Youngest has about £500 but she was living independently until this month, lost her job at the beginning of lockdown, and motored through her savings because of that. She’s not working, and doesn’t pay us anything.

Never compare yourself to anyone. Everyone’s situations are different, and life isn’t a race. My girls know someone who had a big inheritance, however they also have a dead dad.

corythatwas · 12/10/2020 22:24

OP, if your friend has really been able to do that well in such a short time it is because he has been able to rely on a societal infrastructure of food being produced, roads maintained, drains cleared, rubbish collected, streets cleaned- all by young people who cannot save 20k in a year for the simple reason that they don't earn that much. So could you kindly NOT start threads about how they're all terrible with money!

My son is a hard worker and very frugal but he doesn't earn 20k in a year for the simple reason that he doesn't earn it.

And while we are able to give him houseroom without charging, there are plenty of families who are not able to do so once the child benefit stops. And plenty of young people who would not see their parents struggle and go short without contributing.

corythatwas · 12/10/2020 22:24

Type: he does not save

imfatletsparty · 12/10/2020 23:07

"Sir, you sound jealous to me?"

How can I be jealous of a figment of your imagination, "sir"?

RainingBatsAndFrogs · 13/10/2020 10:24

@shanease134

This thread has completely been taken out of context. I answered one question and it has become the main point of the thread.

No, you started a thread asking a meaningless 'how long is a piece of string' question, with no context...and followed it up with judgemental generalised rants about 'the younger generation'.

It's a matter of communication.

How on earth is jealousy a factor?

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