Do lots of people have these sorts of savings? Or am I bloody right?!

[moneuapme]

I feel like utter shit after a meal with friends at the weekend. We all have decent jobs but I am still a long way down the ladder after re training. We don’t usually talk about money but will go to nice places for a dinner etc which I can afford easily too. But it turns out that 4 out of the other five of them are saving between 1k to 1,500 a month and already have over 50k savings?! The other woman there said she has no savings and I just said I had some but not that much. The truth is I have 2k to my name and save around 150 a month usually. I earn 53k. I feel really stressed and worried about the future now as I have nowhere near the security they are talking about. I have tried to keep telling myself this week that that’s surely unusual but is it? Have I just massively fucked up somewhere? Last week I felt really content and lucky and now I just feel like a failure.

Well that's a healthy salary but it depends on your compulsory outgoings. Are you paying a big mortgage or a single parent?
Maybe better to look at percentage of spare money saved.
It's a good idea to try and have at least 6 months salary saved.

We are retired and have decent savings but that came from a lifelong habit of living well below our means.

Comparison is the thief of joy. You have to focus on your finances and take steps towards improving it.

I don't think the majority of people can afford to save that much or anywhere close, no.

Yes it is judgy, and I make no apology for that. There are many people who can't afford to save because everything they have is eaten up just getting by and everyone deserves to spend money to have pleasure in their lives Everyone has a different threshold for where they feel comfortable on the savings versus spending scale and that's fine. However, I think there is a basic level of security that everybody who can, should maintain and if you don't have that then you have to make choices about other things. But, that is my opinion, clearly others disagree. But when they lose their job, or the car or the boiler breaks what then?

Well only my husband works and earns under 30k and we save £200 a month.
I have not worked the last 3 years because we decided I would look after our daughter rather than paying for child care.
We own our home (only a 2 bed). Before I gave up work, we got rid of the car on finance. Now have 2 cars we own. No credit cards, no overdraft, no debt. We have savings. Going back to work hopefully in September so I would then expect to start saving at least £500 extra a month.

I would guess it all depends what your expenses are. If you have a lovely big house and nice cars then I don't expect there's much left to save.

What are they saving it for though? I save that but spend it on holidays etc throughout the year. Actual savings I don't touch is more like £200, and I put £500 in a pension which I prioritise over pretty much everything else.

I’m with you OP!

I earn £49k and live (rent) alone (well, with my dog too!). My outgoings for rent/bills/council tax etc come to £1400 a month.

I find I can afford to save £100-200 a month, but then often dip into these savings for car insurance, unexpected vet bills not covered by his insurance.

Im aware I would be able to save more if I didn’t socialise quite as much, but I do go for meals out/nice days out with friends etc relatively often, because I feel socialising is important and I get a lot of value and happiness from it.

I save about 40% of my income every month. DP saves 50%.

But we both grew up v. Poor and never went to end up there again. Amongst our friendship group, we’re almost certainly the highest savers and more frugal.

Whatever you save, even if it’s £50 a month, it’s good. Although in honesty, I wouldn’t be having nice meals out with only £2K in savings - not unless that is equivalent to six months expenses!

It depends on so many things.

I'm sure most people cannot afford to save the much.

People who can likely have low cost (or no) rent/mortgage. Are getting additional money/bills paid by parents or husband.

I'm 44 and have 50k in a pension and about 1k in savings, but I am now saving around £900 a month. I earn just over 40k. Mortgaged until I am 70 but relying on increased earnings and downsizing.

Have a look at Rebel Finance School OP it's a free awesome course and covers all of this.

I rent so my boiler breaking isn't my responsibility. Don't have a car and if I lost my job I'd get JSA and housing benefit. Would be pretty shit but I'd survive.

I get UC so I'm only allowed a certain amount of savings anyway or they just reduce my UC.

Don't worry OP. You are just starting out.

We only had 2 or 3 thousand savings at any given point until we were in our fifties. Until then we prioritised moving up the housing ladder, paying down our mortgage and building up pensions.

Our mortgage was paid off in our early fifties and then we began to save. That was 10 years ago and now we are very comfortably off with lots of savings, big pensions to come soon and a massive financial asset in our house.

What are you saving for?

As a household we save £2k a month, with a monthly household income of about £4.5k. If I earned as much as you I'd be putting at least £1500-£2000 away a month (but that just me, I've always been addicted to saving).

I save 1.5k a month, but earn more than you. My mortgage is quite small now though so that helps.

MN is a hotbed of competition and contrary posters.

Whatever you say, there'll always be posters saying the opposite, and the most extreme examples with people seemingly aghast or stunned that not everyone is doing the same.

Savings threads will always attract people saying they save thousands a month and are simply shocked that other people have no savings.

Post that you wash your towels once a week and people will jump on to say they wash their towels after every use and can't fathom why you wouldn't.

Food threads bring out the competitive under-eaters and over eaters. Wedding threads are the same.

It's hilarious to me that so many Mnetters consider themselves to be 'middle-class', sophisticated and cultured but apparently find it so difficult to believe that other people have different views or do things differently. Or just can't do things differently to them because of various reasons.

In answer to your question over half of Brits don't have £700 saved.

What you are saving is quite reasonable, op. I can't imagine saving more than that :-), but I don't save now I'm retired. I only ever did save for things, eg towards house deposit (when I was young and engaged), a bit when I was pregnant, holiday, Christmas, that sort of thing, not just to have money in the bank. Don't worry about what others save, they may enjoy themselves less. I'm surprised it came up in conversation, it's quite unEnglish to talk about personal finances. As long as you are happy in your life, and can manage financially, it's not important.

Quick overview of UK savings statistics 2024 (https://www.money.co.uk/savings-accounts/savings-statistics)

• The mean average amount of money held in a UK savings account is £17,365.
• Up to a third (34%) of adults had either no savings (or less than £1,000) in a savings account.
• Around six in 10 (61%) UK adults save money either every or most months.

There is no point comparing yourself to other people. What people can and can't afford to save is down to personal circumstances. Obviously it's sensible to have some amount of money in savings but equally some people get obsessed about savings to the determent of actually enjoying life.

£150pm doesn't seem much on a salary of £53k. Do you have a lot of outgoings?

I’m 60 earn less than you and save £500 a month plus 12% of salary into pension
I frequently have to dip into savings to buy or repair things and also make loans to DC
Currently got around 20k
I would love a new kitchen and bathroom but my job is fairly insecure and can’t risk not having a nest egg in case of redundancy

We have a fair bit in savings as our outgoings are fairly low. My DH unfortunately is disabled and in poor health so although there are costs related to this we rarely spend money on anything except essentials. No holidays, days out etc so we don’t spend much beyond rent, food utility bills etc . Hardly anyone I know has much in savings but they have holidays , a social life etc! I would love to have more of a life and sacrifice some of our savings to live a little bit it’s not possible.

You must have very low housing costs to be able to save that amount.

I earn slightly more than OP and save about £350/month, not including pension. Currently building my emergency fund back up after I needed a new boiler.

As a household we save £2k a month, with a monthly household income of about £4.5k. If I earned as much as you I'd be putting at least £1500-£2000 away a month (but that just me, I've always been addicted to saving).

How on earth do you know the OPs outgoings?

You must have very low housing costs to be able to save that amount.

exactly