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?

At 20, I had no savings and a substantial overdraft, which I didn’t fully pay off until my late 20s.

At 20 I had about -£2,000 to my name, not taking into account student debt. HTH.

I don't really understand the whole point of this OP? What will you gain from knowing this? Average or not...who cares?!

Depends, 100k house or 500k house? I’d also trust your gut saying something it off with this guy

Students at uni typically receive no government support. Don’t know where you get the idea that they do.

I had nothing saved at that age and nor did any of my friends, unless they’d had an inheritance or something.

I'd expect them to have zero.
At that stage I was heavily in debt as a student.

With no parental help - but assuming they live at home, full time job, a third to half what they earn. Part time job, depends of they're paying for driving lessons etc.

I didn’t get any government support at uni, does anyone? I got a loan, which I paid back after 6 years working.

@pharmamarm

I don't really understand the whole point of this OP? What will you gain from knowing this? Average or not...who cares?!

To understand people in different situations because it's not something as a society we openly speak about because speaking money is a "touchy subject". My thread isn't meant to offend anyone it's purely to speak and understand others input.

This is one of those questions where comparison truly is the theft of joy. Uni students are different to working people. Working people paying full rent are different to people living in their parental home only paying board.
What are you hoping to achieve? £20k rounds here is a house deposit, so well worth having!

Average savings of 18-24yo is £2481, power of google
blog.moneyfarm.com/en/investing-101/average-savings-by-age-in-the-uk-how-much-should-you-be-saving/

@MissDollyMix

Students at uni typically receive no government support. Don’t know where you get the idea that they do.

When I said government support I meant student loans. My apologies for not using the correct term.

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

Erm... my mum had died and my dad wanted to move to another part of the country so I was forced to find my own place. Not really sure why that is relevant though.

You do know that a fair amount of people do have to move out of their parents house before they are financially stable for all sorts of reasons, surely?

@LuckyAmy1986

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

Erm... my mum had died and my dad wanted to move to another part of the country so I was forced to find my own place. Not really sure why that is relevant though.

You do know that a fair amount of people do have to move out of their parents house before they are financially stable for all sorts of reasons, surely?

Sorry to hear. I was asking to understand why you did which now makes complete sense.

A lot of people I have spoken to move out for no reason even if they can't afford just because they're bored.

Surely it very much varies? Uni student I wouldnt expect anything

Working since 16 , living at home maybe a fair bit. But then again theres also first time big expenses at that a like your first car, first rent deposit etc and not much time to build up savings

20k seems like a lot to me but if youve been working since 16 on a decent wage it could equally be reasonable

Most twenty year olds I knew and know now are living hand to mouth so none.

I think I had about £2k. Of DEBT

OP, I’m not sure if you are being serious? Is 20k good at that age?

A quick google would tell you that 10% of brits have no savings and 1/3 have less than £600 saved up.

20k?

No way would I expect at 20 to have £20k ! They haven’t had much earning potential, even if they didn’t do any FTE/ uni. Plus you know, teenagers and young people like having fun and that comes at some expense! It’s really impossible to say as so many variables. Plus are you saying now or on average over what time span? Because when I was 20 I worked full time and earned 150 quid a week!

Nothing at that age. I moved out at 17 and was working full time. I moved out because I did not get on with my stepdad and the atmosphere at home wasn't nice.

@shanease134

See I don't think I would have moved out just because. If I had had it my way I would have stayed at home as long as possible (within reason of course!!) and saved, saved, saved.

OP you seem to be doing an awful lot of research on this! Can’t whoever you are asking for find out for themselves?

Absolutely none, I was completely skint at age 20. I don't know anyone is their 30's with 20k saved, so I would say that a 20 year old with that much is loaded.

I had nothing, but I was paying for a wedding.