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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:
doadeer · 12/10/2020 17:12

Goodness where do you live knowing so many young people on megabucks earning 100k with their own companies?!

Original poster
shanease134 · 12/10/2020 17:12

@RWK29

I never stated he didn't have parental support. Yes, he still lives with his parents but they have not contributed to his finances.

By letting him live rent free in their home until he’s 21 when he’s making enough money to live this ‘lavish’ lifestyle, they have directly contributed to his finances 🤔😂 You might want to advise your ‘friend’ that he’ll learn more about life by moving out and paying his own way 🤷🏻‍♀️ He’s going to get a shock when he moves out and the bills start rolling in 😂

He is not thick. He is opening his own garage in the upcoming months. Just because someone is young with money, you don't need to put them down with your ignorant views.
OP posts:
JustCurious2 · 12/10/2020 17:13

I had 9k saved by the time I was 20. Didn't go to uni so was able to work and save, I used it as a house deposit when I moved out (Also aged 20)

Betty94 · 12/10/2020 17:13

I don't understand why you're asking this question? Surely if you know extremely young people who have 100k saved and is funding their own businesses then why are you asking if 20k is normal? Confused

doadeer · 12/10/2020 17:13

@ShanghaiDiva

Do all these company founders also live at home rent free?
Be interested to know how much OP thinks rent and bills are in the south as to not consider this a huge financial help! 🤣
titchy · 12/10/2020 17:13

There is so much jealousy on this forum that you think every young person is broke. I know young people with 100k+ who have founded their own companies with once again NO HELP. You're all deluded.

Lol Grin

poshme · 12/10/2020 17:15

'I don't know his exact wage but roughly 20k I would imagine. His outgoings are meals out, alcohol in clubs, gucci clothes and fuel. Apart from that, nothing.'

Rent? Food?

ShanghaiDiva · 12/10/2020 17:15

Am phoning my mum now to move back home and blow all my cash on clubs and Gucci.

Regularsizedrudy · 12/10/2020 17:15

Wait so you came here to argue that young people are bad with money... and your support for that argument is that you know a 21 year old with 30k savings???

Original poster
shanease134 · 12/10/2020 17:15

@Betty94

I don't understand why you're asking this question? Surely if you know extremely young people who have 100k saved and is funding their own businesses then why are you asking if 20k is normal? Confused
You answered your own question. It is normal for young people I have met to have a lot saved.
OP posts:
Guiltypleasures001 · 12/10/2020 17:16

Mine is 21 and works full time roughly 32hrs sometimes more in retail
I don't take housekeeping from him, but he pays his own phone driving messing etc, also extra food

But I insisted on him saving money, so he has as of now 7k and he is glad I made him do it
He also runs around for me indoors when I need him

victoria0132 · 12/10/2020 17:16

Your example of someone who is 'good with money' is the exact definition of someone who's not. Spending money on designer clothes, fancy car and going out.... oh and not paying for any food or bills?! That's not the real world that the majority of 20 year olds live in, he sounds immensely privileged to be honest. Also, the cost of living is much higher these days, you don't seem to be taking that into account at all.

Redlocks28 · 12/10/2020 17:17

It is normal for young people I have met to have a lot saved

Is that money saved from them working?

RWK29 · 12/10/2020 17:18

@JustCurious2

I had 9k saved by the time I was 20. Didn't go to uni so was able to work and save, I used it as a house deposit when I moved out (Also aged 20)
👏🏼 Yes! Sounds far more realistic than the friend that the OP describes 😊 Well done on being able to buy your house at 20, that’s amazing 😊 Out of interest, how much extra would you have had to work to turn that into 30k savings, a 15k full paid off car, and a good Gucci and clubbing habit? 😂
poshme · 12/10/2020 17:18

Not every parent charges their children board! People I know if they do charge them it's only to put that money away for the childrens own future. They don't charge them to actually help them in anyway.

Some people have to 'charge' their kids for rent & board because otherwise they can't afford to eat!

doadeer · 12/10/2020 17:18

If none of these amazing savers you know go to university I wonder if they will hit a wall with earnings as they progress with their career?

Even though I don't believe in this, in my industry someone would not even be interviewed without a degree.

Not everyone can start £100k companies out of their parents garage.

pincertoe · 12/10/2020 17:19

I was in the middle of uni at that stage so only had debt. In fact I was in my mud 20's before I had any sort of savings and even now in early 40's we don't have more than a few thousand. We have just spent £2,000 on the garden. We save for things and own our home (mortgaged), secure jobs and good pensions due when the time comes.

Original poster
shanease134 · 12/10/2020 17:19

@doadeer

If none of these amazing savers you know go to university I wonder if they will hit a wall with earnings as they progress with their career?

Even though I don't believe in this, in my industry someone would not even be interviewed without a degree.

Not everyone can start £100k companies out of their parents garage.

What's the industry?
OP posts:
Betty94 · 12/10/2020 17:20

Why does it matter if it's normal? People have suggested they have had help from their parents and you're accusing them of being jealous and deluded so I'm not sure what you want us to say - in my experience no, it's not normal as many of my friends were at uni, I worked but I had to pay my mum and dad board, pay for my car and food etc I still bought a house a 23 though, and I've been on holidays all over the world so maybe I'm just bad at saving

Notso · 12/10/2020 17:20

What job pays 16 year olds £20k a year, I need to know so DS1 can apply!

RelaisBlu · 12/10/2020 17:20

Providing a 21-year-old with rent free accommodation IS contributing to their finances, can't you see that OP? Otherwise the money he spends on designer clothes would have to be spent on putting a roof over his head!

doadeer · 12/10/2020 17:21

I work in tech. I'm a marketing lead and I've hired lots into my teams. Company policies dictate even a marketing assistant needs a degree.

timeforanewstart · 12/10/2020 17:22

So an 18 year old maybe doing an apprentiship on about £10000 a year you reckons could save £20000 by 20 aa well as pay rent , maybe run a car etc
Or how about a 18 year old with a child to provide for
Or an 18 year old at uni , who will come out owing money
An 18 year old living at home paying little or no rent possibly could save
Between 18-20 i could not of saved that equivilent one because is didn't earn enough and also because i was too busy having a good time , a waste of money in some eyes but in mine some of the best times i had
But whats important to one isn't to another and anyone who has managed to save what they want to has done well

BiBabbles · 12/10/2020 17:22

They are contributing to his finances if they're paying for things that he uses that he is not having to spend money on. This is basic financial education here.

If your friend is saying he doesn't have parental support, I'd call that kind of bullshit out just as many in this thread are, because he does, but I suspect it might just be you who thinks he has no help as you seem rather obsessed with his lifestyle. I mean, I don't get envying someone who buys a brand well known for expense and ethical labour sourcing and as someone who is teetotal and doesn't drive, why would I care about him spending on things I don't want?

Recognizing that many young people cannot live rent-free (kinda hard to do that when I lived on a different continent from my parents at 21) and struggle financially is not jealousy. It is not resentment at this friend of yours success, it's frustration that you seem to think those who were not as 'lucky' to have so much given to them for free wasted their money rather than different opportunities (and I've seen far too many people who enjoyed that young crash and burn in being so reliant on parents later).

Yes, saving up 30k is an achievement. It's not one everyone chases though, just as not everyone chases to own a house as pp have spoken or immigrate as I did. There is nothing 'wrong' with that, it's just different.

The only thing wrong is when people act like those who get so much for free - lucky or not - got no help and dismiss others on such nonsense. Even I can say my parents supported me through high school by giving me a roof over my head even when I often had to pay for my own food and school costs.

caughtalightsneeze · 12/10/2020 17:23

There is so much jealousy on this forum that you think every young person is broke.

It's hardly jealousy to point out the simple fact that the majority of young people haven't had time to put away huge amounts of savings.

I know plenty of people who had significant savings at that age because they had been saved for them by parents. Which is absolutely fine, who doesn't want to help their children if they can?

But I don't know anyone who had built up significant savings of their own because they simply hadn't had time.

I know that some young people set up businesses whilst they are teenagers and they make a fortune. And I admire their vision. But the majority of people follow the usual trajectory of starting off at the bottom of the ladder and earning more as they get older. It's not jealousy to be realistic.