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 average young adult (18-22 or thereabouts) will have about £2.5k in savings. They'd have had to have had lots of grandparents dishing out cash for every birthday and Christmas to have saved up a considerable amount by adulthood.

It's impossible for most people to have saved £20k by the age of 20. 2 years of entry-level, full-time work isn't that rewarding, even if you're still living cheaply with your parents. It would represent 80% of earnings for many young workers.

OP why do you know so much about this person's supposed finances and their outgoings?
Do you think they'd appreciate this bizarre thread about their personal info?

How old are you op? How much savings do you have?

You say the point of this thread is to ask a question, people answer saying no, it's not normal for young people to have that much money and you say you're all deluded.

So what is the point of the thread if you're not listening to anyone and just arguing with people?

@PerfidiousAlbion

He must be selling ringers or doing a side hustle.

A side hustle? What like Younique? Or candles? I hear that these sort of entrepreneur-ships can make you a bajillionaire within a couple of months.

Your 'friend' isn't exactly an inspiration, I'd be embarrassed having all my food, council tax, electric and water paid for me at that age.

At the age of 20 I had no savings as I was a student. However a lot of my non student friends who didn’t go into university were starting to buy houses at around age 21 so I imagine they had a lot in savings. I am 23 now and have just completed my MA and only have 1k as couldn’t work full time. Would probably have a little more if it wasn’t for COVID.

You are right op, it is a curious question.

So glad your friend is opening a garage to launder the proceeds of his drug dealing/cash for crash, OP. I mean, you can’t be that gullible to think he affords that lifestyle and can save that much on a 20k salary!

Sounds like he’s a coke dealer op

Weird thread.

I had about £600 saved at 20, 8k saved at 21 (did a year working in industry) and then 150k saved by 30.

Now building our savings back up with DH after us buying a house, but we still have six figures invested.

There was a global recession when I was 19/20 so all retail/bar jobs had hundreds of applicants and anything admin based had very experienced people hired instantly over me wanting a little summer job. The money I saved through babysitting and cleaning paid for me at uni and set me up for working my year in industry.

Judging by this thread, I don’t think too many will be earning or saving anything at 20.

At 20 I had roughly 10-15k but I'd been working since I was 16 and wanted to buy a house. My DB on the other hand is early 20's and is always borrowing money. Depends on circumstance to be honest and how inclined you are to actually save for something 🤷‍♀️

What a strange thread.

When I was 20 I was a student living in a shared flat. I didn’t have any savings but I did know how to run my thumbnail through the numbers on a cheque so it’d take a couple of days longer to clear

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

It's not 1972, we're not paid to go to uni. It's loans! And not big ones at that!

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.

Your mate slings coke poppet. I wouldn't use them as a yardstick for how "young people" spend their cash

@ZolaGrey

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

It's not 1972, we're not paid to go to uni. It's loans! And not big ones at that!

Exactly! My loan was £3000 a year. Rent was £4000, fees were £1200. I worked throughout uni to pay my living expenses (parents topped up my rent). And I was one of the lucky ones pre £9000 fees! I had no savings at all at 20, only debt. Now have a lovely house, nice car, lovely holidays and have lived and worked in 4 different countries. Having no savings at 20 doesn’t seem to have adversely affected my life too much.

My 17 year old has a few hundred in savings. Worked through lockdown while getting paid furlough from his other 2 jobs!

Should probably have more saved, but instead I'm eyeing up the pile of trainers in the corner thinking we should probably have them valued separately for the house insurance

Surely this is normal at this age 🤷‍♀️

I’m 23 only started saving this month with my first proper job. At uni I had the minimum student loan, parents paid rent but nothing else. I earned about £1000/summer which paid for all my fun things and meant I didn’t really have a set budget. I went into my interest free overdraft twice but it was never really an issue tbh. Don’t really think anyone I knew was saving apart from 1/2 who were short term saving eg for a holiday. I’ve got £1500 inheritance from my still alive granny (she sold a field and divided the money between 13 grandchildren) which I’m not touching as it needs to be for something special

@Prettybluepigeons was just about to ask the exact same 2 questions

How old are you and how much do you have saved @shanease134

I find this a very strange question. Loads of people don't have savings, ever, never mind when they are 18-20yrs. I'd suggest only teens lucky enough to live at home with little or no outgoings have any chance of legally saving £20K. Most of us were at college or Uni. or in a low paid job then so had no chance. Why is it a question? Why does it bother the O.P. so much to post it? Sounds like a load of virtue signaling to me.

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 don't know why you think people are jealous because they are questioning your example.

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 you think he earns £20k a year you say?

So say he’s been working in that job for 4 years. £20k is about £17k after tax and NI. So 17 x 4 = £68,000

Take away his £30k in the bank, leaves £38,000

Take away the £15k car, leaves £23,000

Take away the £200 he spends weekly in clubs, that’s £10,400 a year, over four years is £41,600

So your mate is £18,600 in debt before he’s even started on the Gucci clothes...

No one is jealous of your made-up friend hth. Who's figures don't even add up and is still living at home.

@GoldenOmber

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 you think he earns £20k a year you say?

So say he’s been working in that job for 4 years. £20k is about £17k after tax and NI. So 17 x 4 = £68,000

Take away his £30k in the bank, leaves £38,000

Take away the £15k car, leaves £23,000

Take away the £200 he spends weekly in clubs, that’s £10,400 a year, over four years is £41,600

So your mate is £18,600 in debt before he’s even started on the Gucci clothes...

Before commenting read the whole posts