if you are around age 35 do you...

[pretter]

1. Own a home and if so what equity is in it?

1. Have savings and if so how much?

I’m suddenly in a massive panic about redundancy and job prospects. I have my own home but only 10k in savings, mortgage 750 a month. Just feeling like I’ve fucked up here but then we didn’t know lockdown was going to happen!!

I have nothing but debts. Hope that helps you feel better.

limpid sorry to hear that, I hope you are in a stable job and can get on top of it asap x

Only 10k in savings when the average uk adukt doesnt have any is not a bad position to be in op especially when you also own your own home on top.

Not discounting your worry or potential redundancy we are all worried about that. I think you are in a much better situation than you think you are. Whats your industry can you go back into it or transfer skills into a new role?

Im nearly 30 rent a flat, have 9k in savings from working since i was 12 hears old. I am furloughed from 2 zero hour part time jobs and both are looking unlikely to resume. I havent got many skills or qualifications but will have to make something work especially as all our money goes on bills and dps ex and kid which is a whole new story.

I didn’t mean for my post to be insensitive. I am sorry if it came across like that. I live on my own and have nobody to turn to if I lose my job, which looks likely. I am on decent pay but in a role that could be hit hard by a recession. I don’t have skills in other areas really and the main issue would be lack of experience. I feel like this lockdown all happened so suddenly that I couldn’t even really prepare...but that’s the same for us all I guess.

1. Yes and we own outright BUT we both moved abroad for several years and earned great wages tax free that enabled us to do that!

1. Savings wise yes...but probably only possible due to having no mortgage

Long term Savings- 40k
Dd saving accounts-over 11k
Ds saving account- over 8k
I then also have Sinking funds for-
Car savings- 2k
General emergency savings 1.5k
Christmas/birthdays - 1.2k

Being on your own makes things a lot harder thats for sure. How likely is it you will be made redundant? Can you look at other jobs in the mean time so its not so daunting if you do need to find another?

I’m mid thirties and we own our house with approximately £300k equity (prices have boomed in our area but I wouldn’t be surprised if they head back down so not counting my chicken on that one!)

However we have zero cash savings as spent it on an extension this year but are just starting to build it back up which we’re fortunate to be able to do at a rate of about £1k per month or more some months. So I hope to build up £10-15k in the first half of 2021 as I’m also quite worried about recession and whether our jobs are safe medium to long term. We’ve been fortunate to both keep working the same from home but I don’t want to assume that will continue when things really tank economically.

I'm 35.

1. Yes. We have two properties, one with about 45% equity, one with 50% equity. This has been possible through a combination of inheritances (DGM and DM have both died in the last ten years), increasing value through renovations, and time (we bought out first home almost ten years and the market has moved on significantly since then).

1. About £5k. We're 3/4ths of our way through the second renovation (on our family home) so we have a float to tide us over in the event of anything untoward, but mostly all our spare cash goes on the house at the moment. We could cover our essential outgoings on one of our salaries, so we're less concerned about it, but once the work is finished we will try and build it up again.

At that point, like now, I was much like you OP. In fact I think you're better off in many ways.

I honestly think you'll get a skewed set of results on Mumsnet though, as there seem to be a disproportionate amount of wealthy posters here

What could you have done to prepare anyway? Probably not pay off your whole mortgage unless you are a very high earner. And training for another career just in case a pandemic happened probably would have been excessive. Sounds like you are doing well for now, that's all any of us can hope for really.

I'm 35, single mum, rent £900 pm (for a tiny 2bed) earn less than £18,000 p/a no debt but no real savings either - wish I was in your position!

I'm 32, we have about 5k in savings and still rent. Our rent is £1050/£1100pcm or there abouts.

I don't own and I have about £750 in savings.

Nearly 33. Own my home with mortgage but have zero savings. Have a few things from a catalog due to us both being on furlough and everything breaking at once but that will be paid in less than 6 months and hopefully won't have to use it again 🤞

I’m not going to say my own position because I’m single and I’ve had some help from family, no children etc which all makes a big difference.

You are doing much better than a lot of people. To own and have savings is good. There will be people on here that have wages of £100k per year and a partner on similar or more, those who are stuck renting and only have debts, those who have multiple properties at 28 etc.

At 35, I’d be giving my pension pot serious consideration. Figure out when you’d like to retire, work back. You may need a private pension as well as work (I doubt we’ll have state pension by then). If you start young, the contributions would be as big as if you panic at 55.

Nope. Just debts and renting.

Live alone, no savings and have debt
Equity about 20k maybe? Mortgage

Thanks pretter, I'm not, sadly, but that was a really nice reply to my somewhat snippy answer.

It sounds like you're doing pretty damn well, by the way. There will always be people who are better off and nothing is ever certain, but it seems like you've made sensible decisions. You couldn't have planned for a pandemic, you have savings which will cover your mortgage for a good while, and have you actually even been made redundant?

I've got about 20% equity in my home and 56k savings. Just about to sell however and move into rented.

Sigh. Im so envious sometimes. We literally couldn't save the numbers people do. We have no pension. Dont know if that helps?

From a Google search, "The average savings for those between 18 and 24 in the UK stands at £2,481, while for 25 to 34-year-olds it stands at £3,544, which increases to £5,995 for those between 35 and 44. The highest average savings by age in the UK is for the people above 55 years of age, at £20,028, closely followed by an average of £11,013 for people between 45 and 54."

I have to admit the thought of pensions etc really terrifies me. There's no way we'll ever save enough I don't think, especially if state pensions vanish.

House at 30, debts of 35k savings of £1,500 🤦‍♀️

Should say I'm 34 *

36. Own a house but only about 55k in equity. No savings. Some debt.

I'm 40 with three kids and we're still bloody renting! x