Average savings by age: at a glance
What do I need to know? Many people have more in savings in the UK than you might think.
What does it mean for me? If you save money in an ISA, you’re more likely to have greater savings than other people your own age.
Why does it matter? Finding the most tax-efficient way to save money helps you keep more of what you earn.
In the UK, the average savings by age are higher than you might expect. Economic uncertainty, high inflation, and rising living costs have increased the preference for cash savings, even with younger people on lower salaries. According to Flagstone’s research in partnership with Opinium, 65% of UK savers hold more than £1,000 in cash.
This article will go beyond the data to explore the spread of average savings by age in the UK. With this insight, you can assess your own financial health and goals. You’ll also learn how much people in the UK have in savings by the age they approach retirement, and how much the average ISA holder has in their tax-free accounts.
Average savings by age in the UK
Age range | Average cash savings |
18-24 | £2,699 |
25-34 | £11,023 |
35-44 | £13,379 |
45-54 | £12,452 |
55+ | £33,420 |
Source: Finder savings statistics, updated January 2026
Even though younger savers have less cash savings than their older contemporaries, this represents a greater share of their income.
This is because younger people are at the start of their careers, and generally earning lower salaries than more experienced employees.
Higher UK average savings in ISAs
People making use of tax-free allowances and accounts had higher than average savings in the UK.
According to a 2026 report by HMRC, savers with ISAs (Individual Savings Accounts) had the following in their tax-free accounts at the end of the 2023/24 tax year:
Age | Average ISA balance |
Under 24 | £11,087 |
24-35 | £12,693 |
36-47 | £17,754 |
48-59 | £34,187 |
60-71 | £57,962 |
72+ | £74,322 |
Total | £37,831 |
Source: HMRC, Individual Savings Account (ISA) tables, updated September 2026
Changes to HMRC methods for tax year 2023/24
For the 2023/24 tax year, HMRC has expanded the age ranges they collect. This gives a clearer view of how much each age group saves in ISAs on average. But it also changes the calculations, making it difficult to draw comparisons with data from previous years.
Flagstone has grouped together age ranges in collections of 12 years to provide the closest possible match to a decade within the available data.
Average market value for ISAs
The market value of an ISA is the worth of your total savings and investments if you sold them at a moment in time. For this analysis, market value is assessed on the day the 2024 tax year ended (05 April 2024).
The ISA holders (savers with at least one ISA) with the highest salaries, earning £150,000 or more, had an average ISA market value of £103,315.
Older savers (aged 66 and above) make up the greatest number of ISA holders in total. According to HMRC's analysis of the data, this group has an average ISA market value of £71,272.
High interest rates build wealth
You can grow your savings further by opening high-interest savings accounts. This means that your money can often earn interest above the rate of inflation, safeguarding its value.
Additionally, savings platforms like Flagstone let you open and manage multiple savings accounts and Cash ISAs in one place. You can build a portfolio of cash savings with a range of terms, balancing access to your cash with high interest rates depending on the accounts you choose to open.
In general, the longer you leave your savings in a high-interest account, the faster it will grow. This is because of compound interest.
But there’s evidence that younger savers may not be taking advantage of the opportunity to grow wealth over time, even with savings platforms designed to simplify the process.
Savings habits vary with age
Flagstone’s recent research found that younger savers doubted that cash savings could build wealth (49%) compared to their older contemporaries (24%).
Younger respondents also regularly checked savings accounts and knew their interest rates (57%). Older savers were generally more passive, less likely to move savings to secure a better rate.
There are, of course, external factors that can impact your average savings at any age.
Which factors limit your savings potential?
Several factors can limit the money you can set aside, including:
Income: High earners often have more disposable income to direct into savings.
Debt: Repayments, especially loans or credit cards, can become a drag on finances even for higher earners.
Unexpected expenses: Unanticipated car repairs or broken appliances can quickly erode your savings if you don’t have a separate emergency fund.
Financial knowledge: Lack of awareness regarding tax-efficiency can limit your savings potential.
By expanding your income, paying off debt, and making use of tax-free savings allowances, UK savers can build their wealth for the long term.
Savings habits change significantly as people approach retirement. The money you need to save for a comfortable retirement depends on the quality of life you want in your golden years.
But in the UK, what are the average savings by age 60, and how can you increase your savings if you’re off-track?
Average savings by age 60 in the UK
A popular measure for how much you need to save by age 60 is to take your salary and multiply it by eight. As the median income for people in this age bracket is £36,000, this would mean your average savings by age 60 should be approximately £288,000 to match the national average.
This is the number you would need to pay into a pension in cash terms. It doesn’t account for the compound interest you’ll earn over the course of your career.
Setting a retirement income goal that works for you means that you can determine your savings target today. Retirement calculators can help by doing the complicated maths for you.
To prepare for a more comfortable retirement you can:
start saving early to benefit from compound interest over time.
contribute to both workplace and private pensions.
spread your investments across different asset classes to protect your portfolio against market volatility and help your retirement funds grow faster.
prioritise reducing your debt before retirement, so your funds can support your living costs and retirement plans.
Frequently asked questions on average savings in the UK
How much does an average UK person have in savings?
According to the results of a 2026 Finder survey, Flagstone calculates the average UK person has £14,595 in savings. This is a mean average across all savings accounts.
HMRC notes that by end of the 2023/24 tax year, savers had an average ISA balance of £37,831. But it’s important to note that savers aged 66 and over had average ISA savings worth £71,272. This much higher balance raises the overall average across age groups.
Is £100,000 savings good in the UK?
Yes. £100,000 is five times the annual ISA tax-free savings allowance and approximately seven times higher than the UK average for savings. But if your AER (Annual Equivalent Rate) is lower than the rate of inflation, your money will lose value every year.
Savings platforms like Flagstone let you open and manage multiple savings accounts in one place. This means you can protect the entire balance by dividing it between banks and account types, balancing access to cash with higher interest earning potential.
Securing above average savings in the UK
Savers who take advantage of tax-efficient accounts like ISAs generally save more. Provided you open a high-interest savings account, you can beat your average savings for your age group in the UK.
If you have a large sum in savings, you could also strengthen your finances by spreading eligible deposits across multiple savings accounts.
Access multiple accounts to build savings
Open multiple savings and Cash ISA accounts to build your earning potential with Flagstone.
Access hundreds of accounts from 65+ banks, with a minimum deposit of £10,000.
