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?

The majority, not all, depending on their circumstances which I can understand is terrible when it comes to handling money which is what I've noticed It is easy to save 20k before the age of 20 in my opinion if you're attentive with money. You could work everyday each summer and constantly save, do every little thing to earn some extra money and waste none of it like the majority do. This once again comes down to personal preference because the majority of young people would rather waste their money at a young age than save with no reason for the saving

Offensive generalised bollocks.

@lazylinguist

This is a really weird thread tbh. Nobody I knew had savings when they were 20. Everyone I knew at that age was at university. They all moved out of their parents' houses when they started work after leaving university.

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

Well, partly because they wanted to live independent, adult lives, and parrly because pretty much all of them went and lived where they got a job, which wasn't where their parents lived.

We didn't need to be 'financially stable' before leaving home. We needed enough money to pay for rent, bills and food... which came from our monthly salary after we left home.

OP - it sounds a little bit as though you're trying to justify not moving out by suggesting that all young people need 20k of savings before it's reasonable to expect them to move out.

Completely incorrect. What made me create this thread is because I saw an old thread saying:

"Would you trust your 20yr old self/children with £20k?" 90% of the people said they wouldn't so I wanted to know people wouldn't trust them with that amount.

It is easy to save 20k before the age of 20 in my opinion if you're attentive with money. You could work everyday each summer and constantly save, do every little thing to earn some extra money and waste none of it like the majority do.

I wondered if you were just starting a ridiculous goady thread. Thanks for clearing that up.

I think most people that age have no savings of not debt. Either at uni or in an entry level job.

My Dc is brilliant with money.

On full student loan, has a strict budget, has always got a job when possible, took the initiative to open an Help To Buy ISA just before they were abolished. And does manage to put in the required money from savings from a job the summer before last. Nowhere NEAR possible to save £20k.

All his friends (typical S London lads) have worked hard to get temporary jobs, all very badly paid because few places even pay National Min Wage for U 18s to 17 year olds. They cover a lot of their own expenses and have tried to save for Uni. But they have really small amounts.

This is a pointless , useless , goady OP, OP.

If you generalised like this over any other group you would be reported.

I hope.

I just blew all my money on travelling aged 21 - 25 after uni - worked - saved a bit, travelled loads and got jobs here and there at hostels/bars etc on the move ! Didn’t come back til I was nearly 25 and then got settled in London and then started to actually save some money.

Are you looking to save towards something?

It is easy to save 20k before the age of 20 in my opinion if you're attentive with money. You could work everyday each summer and constantly save, do every little thing to earn some extra money and waste none of it like the majority do.

I couldn't agree with this less. My brother is now 18 at uni but had jobs from 16. Most were zero hour contracts, he worked 12 hours in a bar without a break and they paid him £50 - but it was the only job in the area. Or he worked 4 hours in a deli for £24. He had to buy lots out of that, eg clothes, health care products, plus some money to socialise. How on earth could he save £20k?!!

You only need to read threads on here to see there arent an abundance of jobs for young people. Add in living costs and saving becomes very difficult.

This sounds really out of touch.

Govt support for students ended years ago. I had a full grant which did not have to be repaid, but that was in the 1980s.
20k when you are 20 is pure fantasy unless there is parental support.

This thread will tell you nothing about "the younger generation" considering someone here might have been 20 a year ago and someone else was 20 fifty years ago.

Sounds like you just want to confirm your prejudices.

At 20 I had zero savings as we'd just bought our first house and had DC1.
DC1 is now 20 not sure how much she has saved for herself in total but she saved £2000 working through lockdown.

Re the question: would you trust your 20 year old with 20k? Yes, I would. My 20 year old has more than 20k (dh’s uncle gives him £3k per Year) and is able to budget and manage his finances.

Yes gov support for students is a loan.

This is quite an odd thread!

Seriously bonkers thread. At 20 I would expect zero savings. Unless it had been saved by family members. Apologies but that’s my life.

It is easy to save 20k before the age of 20 in my opinion if you're attentive with money. You could work everyday each summer and constantly save, do every little thing to earn some extra money and waste none of it like the majority do.

No it’s not that easy. I worked a part time job from age 12. My parents signed permission and back then the schools didn’t care. I’d work 3-4 evenings a week, at least 20hrs a week and every penny I earned went to my parents to pay for my food, clothes, shoes, school supplies.

You’re assuming that the young person in question can find a job, and then also keep what they earn. Oh, and also have a free roof over their head until they’re 20. That’s not the case.

So if a 20yr old has £20k in the bank I’d say they were mostly lucky. And that it has nothing to do with them being better with money.

Where'd you get that cash from, OP?

@RainingBatsAndFrogs

My Dc is brilliant with money.

On full student loan, has a strict budget, has always got a job when possible, took the initiative to open an Help To Buy ISA just before they were abolished. And does manage to put in the required money from savings from a job the summer before last. Nowhere NEAR possible to save £20k.

All his friends (typical S London lads) have worked hard to get temporary jobs, all very badly paid because few places even pay National Min Wage for U 18s to 17 year olds. They cover a lot of their own expenses and have tried to save for Uni. But they have really small amounts.

This is a pointless , useless , goady OP, OP.

If you generalised like this over any other group you would be reported.

I hope.

This is completely false. Just because you believe 20k is impossible to save it really isn't. Someone I know with a full-time job has 30k in the bank, a 15k car finance free, buys designer clothes every few weeks, spends 200 a weekend in clubs and lives the best life! He's only 21.

Their situation isn't the same as others and I think it's ridiculous the amount of people on this forum who believe you CANNOT have money at a young age without financial support. This is where people are going wrong...

Someone I know with a full-time job has 30k in the bank, a 15k car finance free, buys designer clothes every few weeks, spends 200 a weekend in clubs and lives the best life! He's only 21.

. And he flies on a pig to work aye? What wage is he on?

It is easy to save 20k before the age of 20 If you don't have any rent or bills to pay then it probably is, yes.

20 year olds are either at uni, and can't work full-time and will struggle to save money or not at uni and working whilst paying rent and bills, in which case it's also difficult to save a lot of money.

20K is a shit ton of savings to have at any age, I don't think you need Mumsnet to tell you that, you probably know.

@YoungDino

Where'd you get that cash from, OP?

Please read the thread before commenting. This isn't about ME. I'm asking to understand why younger people don't have much savings after seeing a thread called "Would you trust your younger self/child with £20k?" And the majority said they wouldn't because they're terrible with money.

I had no savings. I had moved out and everything went on keeping roof over my head.

I left home at 19 and had enough saved for a lot of the stuff we needed- white goods, second hand sofa and bed etc. I'd worked part time while in college then full time after that.

@Mc2b

Someone I know with a full-time job has 30k in the bank, a 15k car finance free, buys designer clothes every few weeks, spends 200 a weekend in clubs and lives the best life! He's only 21.

. And he flies on a pig to work aye? What wage is he on?

Jealousy at it's finest! No, he drives his Golf GTD not a pig. He's not on a crazy wage for his age but is good.

Well, at 20 I was at university and had £0 to my name. In fact, I was probably about £1,500 into my overdraft (which rose to £3,000 in overdraft by 21!) and had student debt of £18k probably.

Also, yes students are able to apply for student loans but make no mistake, the amount given often doesn't even cover a student's rent in some areas (I went to uni in SE and rent well exceeded my student loan, even when I was in university halls) so they will also be needing top ups from parents, or using overdrafts consistently. Honestly, I think people assume student loans are money trees and they really aren't - the amount of debt a student gets into well exceeds just the student loan, and often includes a few thousand in overdrafts too.

I’d love to know where this 21 year old works and what they do to save £45k in three years and spend money like water. I imagine they’re fully supported by their parents.

Your post is ridiculous. Im only 24 and I've worked since I was 16. They is no way I would have had 20k in savings while I lived on my own and had bills to pay. Just because you know of 1 person who has all that does not mean every 20 year old can do it. You need to give your head a wobble and look at the real world.