The average interest rate of instant access deposits in the United Kingdom (UK) has started declining in the second half of 2024. That was after the interest rates of those products soared in 2022 and 2023, reaching 2.82 percent in January 2024. In contrast, the interest rate of instant access deposits amounted to 0.06 percent in April 2021.

Over a quarter of households in the United Kingdom (UK) had less than 1,500 British pounds in savings and investments in the financial year of 2021/22. Meanwhile, a fifth of all households had at least 30,000 British pounds saved up, a percentage that has not changed since 2020/21. In 2021/22, Northern Ireland was one of the regions in the United Kingdom with the lowest ownership rate of ISAs and other savings accounts.

The gross national savings rate in the United Kingdom was forecast to continuously increase between 2024 and 2029 by in total 0.5 percentage points. The savings rate is estimated to amount to 14.81 percent in 2029. The savings rate here refers to the gross domestic saving by the state, private households, and corporations and is shown as a percentage of total gross domestic product (GDP).The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in more than 150 countries and regions worldwide. All input data are sourced from international institutions, national statistical offices, and trade associations. All data has been are processed to generate comparable datasets (see supplementary notes under details for more information).

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.

In 2017, around 6.5 million adults in the United Kingdom had no cash savings. Once you are an adult, having savings is a key element of preparing yourself for life’s little and big surprises. Building cash savings can be a difficult task as it takes careful planning, and time to accumulate. Those aged between 18 and 24 years of age in the United Kingdom have the lowest mean amount in cash savings of any age group. As of 2017, one in eight UK adults had no cash savings, with a further 32 percent of the population having between zero and two thousand British pounds.

With age comes wisdom

The correlation between age and the mean amount of cash savings can be somewhat linked to individuals’ priorities. Younger people will be looking to put money towards large items such as a car, home or travel whereas those aged over 65 have not only had time to build their savings, but also are more likely to have no unsecured debt, and to own a property outright.

Rainy day fund

As we get older, the importance of having some form of savings for an emergency, or unforeseen circumstances becomes clearer. Planning for the long-term becomes of higher importance as we age. Despite this, as of 2018, just over half of the adult population had adequate savings for retirement.

In 2023, university students in the United Kingdom (UK) had significantly more savings than in the previous year. While their savings in 2019 amounted to 587 British pounds, they reached 1,280 by 2022. The average student loan debt in England was higher than in Wales, Scotland, or Northern Ireland.

This statistic shows the change in the amount of average savings of people in the United Kingdom between 2012 and 2014. Average savings do not include groups with high savings (12 percent of the population, starting at 50,000 British pounds in savings and over). In 2012, the average amount people held in savings was 9,800 British pounds.

Homeowners paid higher monthly costs for their home than renters across nine of the 12 regions in the UK in 2023. Although London had the highest monthly costs for both buying and renting first time property, it also saw some monthly savings resulting from purchase over rental decisions, amounting to 12 British pounds. In comparison, the national average was 27 British pounds.

United Kingdom UK: GDP: % of GDP: Gross Domestic Savings data was reported at 15.849 % in 2017. This records an increase from the previous number of 15.345 % for 2016. United Kingdom UK: GDP: % of GDP: Gross Domestic Savings data is updated yearly, averaging 14.728 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 19.010 % in 1996 and a record low of 9.541 % in 1975. United Kingdom UK: GDP: % of GDP: Gross Domestic Savings data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Gross Domestic Product: Share of GDP. Gross domestic savings are calculated as GDP less final consumption expenditure (total consumption).; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Details of Warwickshire County Council's medium terms savings.

In 2023, the savings of most university students in the United Kingdom (UK) amounted to 1,000 British pounds or less. Meanwhile, seven percent of students had at least 10,001 British pounds of savings. The average student loan debt in England was higher than in Wales, Scotland, or Northern Ireland.

United Kingdom Weekly Household Exp: Avg: Oth: Saving & Investment (SI) data was reported at 5.800 GBP in 2016. This records an increase from the previous number of 5.700 GBP for 2015. United Kingdom Weekly Household Exp: Avg: Oth: Saving & Investment (SI) data is updated yearly, averaging 5.800 GBP from Dec 2006 (Median) to 2016, with 11 observations. The data reached an all-time high of 7.100 GBP in 2007 and a record low of 5.200 GBP in 2011. United Kingdom Weekly Household Exp: Avg: Oth: Saving & Investment (SI) 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.H023: Average Weekly Household Expenditure.

The savings of households in the United Kingdom as a share of their income has been increasing between 2022 and 2024. In the second quarter of 2024, UK households saved, on average, 10 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 23.9 percent. The highest value recorded throughout the period.

United Kingdom UK: Adjusted Net Savings: Including Particulate Emission Damage: % of GNI data was reported at 3.310 % in 2016. This records a decrease from the previous number of 3.677 % for 2015. United Kingdom UK: Adjusted Net Savings: Including Particulate Emission Damage: % of GNI data is updated yearly, averaging 4.796 % from Dec 1990 (Median) to 2016, with 27 observations. The data reached an all-time high of 11.199 % in 1994 and a record low of 1.263 % in 2009. United Kingdom UK: Adjusted Net Savings: Including Particulate Emission Damage: % of GNI data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Gross Domestic Product: Nominal. Adjusted net savings are equal to net national savings plus education expenditure and minus energy depletion, mineral depletion, net forest depletion, and carbon dioxide and particulate emissions damage.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted average;

The value of any pension pots already accrued that are not state basic retirement or state earning related. This includes occupational pensions, personal pensions, retained rights in previous pensions and pensions in payment.

Abstract copyright UK Data Service and data collection copyright owner.

The Family Resources Survey (FRS) has been running continuously since 1992 to meet the information needs of the Department for Work and Pensions (DWP). It is almost wholly funded by DWP.

The FRS collects information from a large, and representative sample of private households in the United Kingdom (prior to 2002, it covered Great Britain only). The interview year runs from April to March.

The focus of the survey is on income, and how much comes from the many possible sources (such as employee earnings, self-employed earnings or profits from businesses, and dividends; individual pensions; state benefits, including Universal Credit and the State Pension; and other sources such as savings and investments). Specific items of expenditure, such as rent or mortgage, Council Tax and water bills, are also covered.

Many other topics are covered and the dataset has a very wide range of personal characteristics, at the adult or child, family and then household levels. These include education, caring, childcare and disability. The dataset also captures material deprivation, household food security and (new for 2021/22) household food bank usage.

The FRS is a national statistic whose results are published on the gov.uk website. It is also possible to create your own tables from FRS data, using DWP’s Stat Xplore tool. Further information can be found on the gov.uk Family Resources Survey webpage.

Secure Access FRS data
In addition to the standard End User Licence (EUL) version, Secure Access datasets, containing unrounded data and additional variables, are also available for FRS from 2005/06 onwards - see SN 9256. Prospective users of the Secure Access version of the FRS will need to fulfil additional requirements beyond those associated with the EUL datasets. Full details of the application requirements are available from Guidance on applying for the Family Resources Survey: Secure Access.

FRS, HBAI and PI
The FRS underpins the related Households Below Average Income (HBAI) dataset, which focuses on poverty in the UK, and the related Pensioners' Incomes (PI) dataset. The EUL versions of HBAI and PI are held under SNs 5828 and 8503, respectively. The Secure Access versions are held under SN 7196 and 9257 (see above).

Latest version information
In May 2024, the variable CTAMTBND (Annual council tax payment bands), was updated to resolve some missing cases.
Main Topics:

Household characteristics (composition, tenure type); tenure and housing costs including Council Tax, mortgages, insurance, water and sewage rates; school milk and meals; educational grants and loans; children in education; informal care (given and received); childcare; occupation and employment; health restrictions on work; children's health; wage details; self-employed earnings; personal and occupational pension schemes; income and benefit receipt; income from pensions and trusts, royalties and allowances, maintenance and other sources; income tax payments and refunds; National Insurance contributions; earnings from odd jobs; children's earnings; interest and dividends; investments; National Savings products; assets; dental and medical care.

Standard Measures
Standard Occupational Classification

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).

Abstract copyright UK Data Service and data collection copyright owner.

The Family Resources Survey (FRS) has been running continuously since 1992 to meet the information needs of the Department for Work and Pensions (DWP). It is almost wholly funded by DWP.

The FRS collects information from a large, and representative sample of private households in the United Kingdom (prior to 2002, it covered Great Britain only). The interview year runs from April to March.

The focus of the survey is on income, and how much comes from the many possible sources (such as employee earnings, self-employed earnings or profits from businesses, and dividends; individual pensions; state benefits, including Universal Credit and the State Pension; and other sources such as savings and investments). Specific items of expenditure, such as rent or mortgage, Council Tax and water bills, are also covered.

Many other topics are covered and the dataset has a very wide range of personal characteristics, at the adult or child, family and then household levels. These include education, caring, childcare and disability. The dataset also captures material deprivation, household food security and (new for 2021/22) household food bank usage.

The FRS is a national statistic whose results are published on the gov.uk website. It is also possible to create your own tables from FRS data, using DWP’s Stat Xplore tool. Further information can be found on the gov.uk Family Resources Survey webpage.

Secure Access FRS data
In addition to the standard End User Licence (EUL) version, Secure Access datasets, containing unrounded data and additional variables, are also available for FRS from 2005/06 onwards - see SN 9256. Prospective users of the Secure Access version of the FRS will need to fulfil additional requirements beyond those associated with the EUL datasets. Full details of the application requirements are available from Guidance on applying for the Family Resources Survey: Secure Access.

FRS, HBAI and PI
The FRS underpins the related Households Below Average Income (HBAI) dataset, which focuses on poverty in the UK, and the related Pensioners' Incomes (PI) dataset. The EUL versions of HBAI and PI are held under SNs 5828 and 8503, respectively. The Secure Access versions are held under SN 7196 and 9257 (see above).

The FRS aims to:

• support the monitoring of the social security programme
• support the costing and modelling of changes to National Insurance contributions and social security benefits
• provide better information for the forecasting of benefit expenditure

From April 2002, the FRS was extended to include Northern Ireland.

In August 2019, at the depositor's request, the Pensioners' Income (PI) dataset (pianon) previously held with the FRS was moved to a separate PI series study, SN 8503.

Main Topics:

Household characteristics (composition, tenure type); tenure and housing costs including Council Tax, mortgages, insurance, water and sewage rates; school milk and meals; educational grants and loans; children in education; informal care (given and received); childcare; occupation and employment; health restrictions on work; children's health; wage details; self-employed earnings; personal and occupational pension schemes; income and benefit receipt; income from pensions and trusts, royalties and allowances, maintenance and other sources; income tax payments and refunds; National Insurance contributions; earnings from odd jobs; children's earnings; interest and dividends; investments; National Savings products; assets; dental and medical care.

Standard Measures
Standard Occupational Classification

Mass affluent populations around the world are growing in size, making them an increasingly important segment for financial providers. These consumers possess more financial products than average, maintain higher levels of savings and investments, and are more likely to use added-value services. This makes them an attractive and profitable segment to target. Read More