to ask, if you're under 35, how much do you have in savings?

[Flangelica]

Bit of a CF question, but I am just wondering how good/bad to feel about my current savings. Considering a move back to the UK but very unsure of what level I'm on in comparison to people my age in the UK (I'm 33).

If you don't mind letting me know it would be really helpful! If not, thanks anyway.

I'm 35 qnd have £180 in savings

This is a pointless question because there is massive wealth inequality in the UK. At 35 two of my friends (a couple) owned a house worth a million quid, another one of my friends was up to their eyeballs in debt. What you need to think about is whether you can cover your household expenditure, can you survive for 6 months if the income dries up and have you made adequate provision for retirement ("adequate" being personal to you depending on what sort of retirement you want - living quietly in a house you own outright costs a lot less than round the world cruises). I have about £20k in savings but what determines my wealth is my pension and housing provision.

Are you from the Daily Fail???? Just seen they have an article on just this running today lol

I’m 32, we’ve about 20K, DH is self employed so we like to have a cushion in case he ever had an accident or something.

When i was your age my savings was to cover emergencies whilst I paid hard into a mortgage. Now that I'm older my savings is for retirement funds and the odd emergency, and my mortgage is paid off. It's like squeezing a water balloon. You're not comparing like for like by considering age and savings. People have different incomes, some are on benefits, have mortgages, large families, are students, etc. Simply looking at age and savings isn't a relevent measure of your own progress.

I don't know why I read these but I always get sucked in and then worry!

We have approx 80k in equity but this is very dependent on the current market and can't sell due to being on a long fix with penalty charges. Approx 13k in savings BUT we are having a new boiler fitted soon and I'm going on mat leave, so this will reduce to about 7.5k. This is roughly 3 months of outgoings as emergency savings and we only have this due to a combination of inheritance, redundancy and me saving all my disposable whilst pregnant as will only get stat pay. We do also have credit card debt on 0% which I'm trying to get rid of but mat pay will limit this for a while.

I'm 29, no savings whatsoever. Just can't afford to. Paying for our 6 year old car cost £445 to fix so all our disposable income for July was gone before July even started. Plus we had to borrow £200 from my mum in law to put fuel in so we could both get to work.
I'm just hoping my car passes it's MOT this month 🤞

I am over 35 and answered. Oops.

but the message is savings don’t tend to be linear. Particularly in those early years we are all saving for something. For me it was a house deposit, then a house move and now a big extension.

savings go up and down. Too many variables to give OP an answer that will help her make any sensible fanciful decisions.

there are statistics on savings by age. Even these aren’t particularly helpful as the savings OP will need will depend on her personal circumstances.

i hope she doesn’t work in finance😂

I'm not in the UK either so not sure how helpful this is.

I have about 60% of my gross annual salary in cash savings, plus some investments tied to my employer which I can't touch until they've been invested for five years or in certain defined circumstances, e.g. if I buy a new primary residence. We also have a decent amount of equity in our flat, but obviously that isn't easily accessible.

£5k in savings and about £120k of equity in the house but both of those are joint with DP. £17k in my pension. I’m in my late 20s and haven’t really been impacted by the cost of living increases as we don’t buy petrol and are very low users of domestic energy.

Last month we had just over 40k then we finally bought a house and no have nothing 🤣 on average we can save 1k a month but it will likely all be going on the house for the next year or so. I'm 31 partner 35.

I'm 33. Own my property outright and have around half a year of salary saved. Not a particularly high earner. Higher than average but based in Scotland so probably low by South England standards! Just been fortunate and an only child!

Oooh. Got a linkie?

It's a silly question though really, at 31 I had close to 100k in savings as I'd saved for a house and a wedding, but by 32 after having bought a house and had a wedding and then gone on mat leave I'd hammered my savings. Someone who doesn't own their own home might have 100k sat in the bank but rents a property to live, I'd consider the person who owns a property with little sat in the bank in the better position than the person with the cash but paying someone else's mortgage each month. We have about 25k saved at 37 which i think is pretty rubbish if Im honest, but I've had 3 maternity leaves since I was 32, it would be more if I hadn't taken 3 years off and then went part time. You also have to think about how much people have in pensions too, not just money sat in the bank.

Up until a year ago we had £0 and there was no spare money for savings. But we started a business and now have about £40k at almost 35.
I don’t know many people our age who have savings tbh. Most people are living hand to mouth and just about scraping by to pay the mortgage or rent.
the People I know personally who do have savings have had the privilege of parental help with deposits and weddings which gave them a head start.
but your average person has an income that just about covers days to day life and anything spare goes on car repairs and unforeseen circumstances, maybe a holiday etc.

I'm 31, husband 35. We have 20k. Hoping to add 1k per month over next year as we have become far more frugal as I've dropped to 24hours. We will now have 70k joint earnings (dropped from 80k).
Own our house have about 130-140k equity. No children.

33 here. Around 200k but I don't own any property, so I have no equity, just savings and investments. I reckon my savings would look different if I owned a house.

Honestly, if this for real, I really can't see how it would be in the least bit helpful to you. It's going to very, very skewed. Firstly, because this is Mumsnet. And secondly, because people will only really want to reply if they have savings.

Also I am single with no kids, which also impacts earning and saving ability.

At 35 I had zero savings, now a few years past 35 I still have no 'savings', but i pay into my workplace shares scheme, so at present about £600ish. Cant afford to save on a single veterinary nurse wage 😕

I'm 33. I have £20K in my savings.

I've no idea how much my husband has. More, I'd imagine.

We are planning to pay off our mortgage within the next two years.

DP and I combined have 100K 😏 but it’s all going to be zeroed thanks to house, car and wedding.

how would that help you?

Why don’t you work out what YOUR expenses would be and see if you have enough to meet it?

The savings you have when you live here are very different to the savings you'd need to move here. I assume you need either a deposit to rent or to buy a property. You'd also need furniture or the money to ship your current furniture. You need money to travel. If you don't have a job you need money to tide you over until you find one. If you need a car you'll need money for that. It's comparing apples and oranges.

£355, joint savings with partner, we did have £2k but the car broke.

I wish I had more but I’m thankful we can heat, eat and clothe ourselves.