Key information about UK Gross Savings Rate

• UK Gross Savings Rate was measured at 16.4% in Sep 2024, compared with 16.4% in the previous quarter.
• UK Gross Savings Rate is updated quarterly, with data available from Mar 1955 to Sep 2024, and an average rate of 16.4%.
• The data reached an all-time high of 16.4% in Mar 1973 and a record low of 12.7% in Jun 2009.
• CEIC calculates Gross Domestic Savings Rate from quarterly Gross Domestic Savings and quarterly Nominal GDP. Gross Domestic Savings is calculated as Nominal GDP less Final Consumption Expenditure. Final Consumption Expenditure is calculated as the sum of Household, NPISHs and Government Expenditure. Office for National Statistics provides Final Consumption Expenditure in local currency and Nominal GDP in local currency.
• In the latest reports, UK GDP expanded 0.2% YoY in Mar 2023.
• UK Nominal GDP reached 786,411.4 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 6.6% in Dec 2022.
• UK GDP Per Capita reached 45,308.8 USD in Dec 2022.

In 2025, households from the United Kingdom (UK) are expected to save over **** percent of their disposable incomes. This savings rate fluctuated significantly since 2007, with the lowest figures recorded in 2018 at **** percent. In 2020, due to the coronavirus (COVID-19) outbreak and resulting lockdowns, savings rates spiked across the world. In the UK, savings rate reached roughly ** percent that year, more than ***** times higher than in the previous year.

Household Saving Rate in the United Kingdom decreased to 10.90 percent in the first quarter of 2025 from 12 percent in the fourth quarter of 2024. This dataset provides - United Kingdom Households Saving Ratio - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The savings of households in the United Kingdom as a share of their income has been increasing between 2022 and 2024. In the third quarter of 2024, UK households saved, on average, **** percent of their income. That was, nevertheless, much lower than the savings ratio reached as of the second quarter of 2020, when it peaked at **** percent. The highest value recorded throughout the period.

This dataset provides values for PERSONAL SAVINGS reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

According to a survey conducted in the first quarter of 2025, disabled and self-employed people were the demographic groups in the United Kingdom with the lowest levels of retirement savings. 54 percent of disabled people had less than the minimum retirement savings and thus were at risk of not being able to cover basic needs when they retire. Individuals who were non-disabled, white, not LGBTQ+, aged 30 to 39, and working full-time were more likely to report comfortable or moderate retirement lifestyles. The largest differences were observed across disability status, sexual and gender orientation, and employment type.

United Kingdom HN: Households Saving Ratio: sa data was reported at 4.400 % in Jun 2018. This records an increase from the previous number of 3.900 % for Mar 2018. United Kingdom HN: Households Saving Ratio: sa data is updated quarterly, averaging 9.100 % from Mar 1963 (Median) to Jun 2018, with 222 observations. The data reached an all-time high of 15.200 % in Jun 1993 and a record low of 3.400 % in Mar 2017. United Kingdom HN: Households Saving Ratio: sa data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.AB051: ESA10: Resources and Uses: Household and Non Profit Institutions Serving Households: Disposable Income.

In the first quarter of 2025, 68 percent of people in the East of England were on track for at least Pensions and Lifetime Savings Association (PLSA) minimum retirement living standards. That made the East of England the region in the United Kingdom with the highest share of people on track. In contrast, Northern Ireland and North-East England were the regions with the lowest share of people on track for the minimum retirement standards, with only 52 percent of people on track.

In June 2025, the personal savings rate in the United States amounted to 4.5 percent. That was a slightly lower figure than a year earlier. The personal savings rate is calculated as the ratio of personal savings to disposable personal income. Within the topic of personal savings in the U.S., there are different goals and reasons for saving. What are personal savings? Saving refers to strategies of accumulating capital for future use by either not spending a part of one’s income or cutting down on certain costs. Saved money may be preserved as cash, put on a deposit account, or invested in various financial instruments. Investing usually incorporates some level of risk which means that part of the invested money can be gone. An example of a relatively safe investment would be saving bonds, such as the debt securities issued by the U.S. Department of the Treasury. Saving trends in the U.S. and abroad Looking at the personal saving rate in the United States throughout the past decades, it can be observed that savings had been decreasing until the mid-2000s, and they increased after the 2008 financial crisis. Still, the largest savings rates were reached in 2020 and 2021. The reason for that increase in the savings rate that year might be related to the measures to contain the COVID-19 pandemic. The value of personal savings in the United Kingdom has also followed a similar trend. Although events like the COVID-19 pandemic may have affect many countries in a similar way, the ability to save, as well as the average savings as a share of personal income across countries can vary significantly depending on multiple factors affecting each territory.

Key information about EU Gross Savings Rate

• EU Gross Savings Rate was measured at 25.7% in Dec 2024, compared with 25.7% in the previous quarter.
• EU Gross Savings Rate is updated quarterly, with data available from Mar 1995 to Dec 2024, and an average rate of 25.7%.
• The data reached an all-time high of 25.7% in Mar 2021 and a record low of 21.4% in Mar 2010.
• CEIC calculates Gross Domestic Savings Rate from quarterly Gross Domestic Savings and quarterly Nominal GDP. Gross Domestic Savings is calculated as Nominal GDP less Final Consumption Expenditure. Eurostat provides Final Consumption Expenditure in local currency and Nominal GDP in local currency. European Union stands for EU27 excluding UK.
• In the latest reports, EU GDP expanded 1.0% YoY in Mar 2023.
• EU Nominal GDP reached 4,430,431.2 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 6.5% in Mar 2023.
• EU GDP Per Capita reached 38,468.8 USD in Dec 2021.

In the United Kingdom, the household gross savings rate dropped to *** percent in the third quarter of 2021, the lowest rate since the start of the COVID-19 pandemic. During the period considered, households saved between four and ** percent of disposable income. The gross savings rate in Spain has followed similar trends as in the United Kingdom, as both countries had relatively low figures, which increased very significantly after the outbreak of the COVID-19.

In every region of the United Kingdom, at least ** percent of the households owned current accounts as of the financial year that ended in March 2024. Meanwhile, the ownership rate of Individual Savings Accounts (ISAs) was much lower, although it varied significantly within the UK. While ** percent of households in the South West of England had an ISA, that rate dropped to ** percent in Northern Ireland.

United Kingdom HN: Households Saving Ratio data was reported at 7.800 % in Jun 2018. This records an increase from the previous number of 3.500 % for Mar 2018. United Kingdom HN: Households Saving Ratio data is updated quarterly, averaging 9.200 % from Mar 1963 (Median) to Jun 2018, with 222 observations. The data reached an all-time high of 17.300 % in Jun 1993 and a record low of 2.400 % in Dec 1968. United Kingdom HN: Households Saving Ratio data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.AB051: ESA10: Resources and Uses: Household and Non Profit Institutions Serving Households: Disposable Income.

Over a ******* of households in the United Kingdom (UK) had less than 1,500 British pounds in savings and investments in the financial year of 2023/24. Meanwhile, ** percent of all households had at least 30,000 British pounds saved up. In 2023/24, Northern Ireland was one of the regions in the United Kingdom with the lowest ownership rate of ISAs and other savings accounts.

BOE Forecast: Household Saving Ratio data was reported at 4.500 % in 2021. This stayed constant from the previous number of 4.500 % for 2020. BOE Forecast: Household Saving Ratio data is updated yearly, averaging 4.750 % from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 6.750 % in 2014 and a record low of 4.500 % in 2021. BOE Forecast: Household Saving Ratio data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.H025: Household Saving Ratio: Forecast.

The benchmark interest rate in the United Kingdom was last recorded at 4 percent. This dataset provides - United Kingdom Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This statistic presents the average amount saved by Great Britain's adult population monthly, expressed as a percentage of average income during summer and autumn 2014, by age group. During that time the highest share of their income was saved by people over 65 in summer 2014 (making monthly savings over 9 percent of their average income). The lowest share of their income was saved by people aged 45 to 54 in summer 2014(saving 6.37 percent of their average income).

Over the five years through 2025-26, UK banks' revenue is expected to climb at a compound annual rate of 4.8% to £136 billion, including an anticipated hike of 3.6% in 2025-26. After the financial crisis in 2007-08, low interest rates limited banks' interest in loans, hitting income. At the same time, a stricter regulatory environment, including increased capital requirements introduced under the Basel III banking reforms and ring-fencing regulations, constricted lending activity. To protect their profitability, banks like Lloyds have shut the doors of many branches and made substantial job cuts. Following the COVID-19 outbreak, the Bank of England adopted aggressive tightening of monetary policy, hiking interest rates to rein in spiralling inflation. The higher base rate environment lifted borrowing costs, driving interest income for banks, which reported skyrocketing profits in 2023-24. Although profit grew markedly, pressure to pass on higher rates to savers and fierce competition weighed on revenue growth at the tail end of the year. However, the prospect of rate cuts in 2024-25 saw many banks lower their savings rates, aiding revenue growth. In 2025-26, although further interest rate cuts are on the horizon, revenue is set to grow, due to lower borrowing costs driving activity in the housing market. Banks have also reduced their exposure to interest rate cuts through structural hedges, which lock in rates when they fluctuate. The FCA’s investigation into motor commissions has been a cause for concern over recent years, with banks like Lloyds and Santander ramping up provisions over 2024-25 in preparation for large payouts, if the Supreme Court deems banks were carrying out illegal activities. Over the five years through 2030-31, industry revenue is forecast to swell at a compound annual rate of 4% to reach £165.8 billion. Regulatory restrictions, tougher stress tests and stringent lending criteria will also hamper revenue growth. Competition is set to remain fierce – both internally from lenders that deliver their services exclusively via digital channels and externally from alternative finance providers, like peer-to-peer lending platforms. The possibility of legislation like the Edinburgh reforms will drive investment and lending activity in the coming years, if introduced. However, concerns surrounding the repercussions of less stringent capital requirements and the already fragile nature of the UK financial system pose doubt as to whether any significant changes will be made.

Interest rates are at their lowest levels since individual savings accounts (ISAs) began, which significantly reduces consumers’ commitment to saving. As a result, those consumers who can afford to save are starting to opt either for stocks and shares accounts, or pay off long-standing debts with higher interest rates. Read More

August 2024 marked a significant shift in the UK's monetary policy, as it saw the first reduction in the official bank base interest rate since August 2023. This change came after a period of consistent rate hikes that began in late 2021. In a bid to minimize the economic effects of the COVID-19 pandemic, the Bank of England cut the official bank base rate in March 2020 to a record low of *** percent. This historic low came just one week after the Bank of England cut rates from **** percent to **** percent in a bid to prevent mass job cuts in the United Kingdom. It remained at *** percent until December 2021 and was increased to one percent in May 2022 and to **** percent in October 2022. After that, the bank rate increased almost on a monthly basis, reaching **** percent in August 2023. It wasn't until August 2024 that the first rate decrease since the previous year occurred, signaling a potential shift in monetary policy. Why do central banks adjust interest rates? Central banks, including the Bank of England, adjust interest rates to manage economic stability and control inflation. Their strategies involve a delicate balance between two main approaches. When central banks raise interest rates, their goal is to cool down an overheated economy. Higher rates curb excessive spending and borrowing, which helps to prevent runaway inflation. This approach is typically used when the economy is growing too quickly or when inflation is rising above desired levels. Conversely, when central banks lower interest rates, they aim to encourage borrowing and investment. This strategy is employed to stimulate economic growth during periods of slowdown or recession. Lower rates make it cheaper for businesses and individuals to borrow money, which can lead to increased spending and investment. This dual approach allows central banks to maintain a balance between promoting growth and controlling inflation, ensuring long-term economic stability. Additionally, adjusting interest rates can influence currency values, impacting international trade and investment flows, further underscoring their critical role in a nation's economic health. Recent interest rate trends Between 2021 and 2024, most advanced and emerging economies experienced a period of regular interest rate hikes. This trend was driven by several factors, including persistent supply chain disruptions, high energy prices, and robust demand pressures. These elements combined to create significant inflationary trends, prompting central banks to raise rates in an effort to temper spending and borrowing. However, in 2024, a shift began to occur in global monetary policy. The European Central Bank (ECB) was among the first major central banks to reverse this trend by cutting interest rates. This move signaled a change in approach aimed at addressing growing economic slowdowns and supporting growth.