New research from Charter Savings Bank reveals that those in their 30s are the savviest savers, setting aside 58% of their disposable monthly income each month – 16 percentage points more than the national average of 42%.
The average monthly disposable income for a 30-something is £486 (after paying bills), and the amount saved each month is £280. They have a higher disposable income on average than the UK as a whole which comes in at £452.
But their disciplined approach to saving means they save nearly 50% more than the national average of £191 a month.
Charter Savings Bank’s study found big differences in the disposable income of men, at nearly £600, compared with women at just over £300, with women saving £134 a month compared with men saving £252.
The research found 11% of adults have never opened a savings account – the equivalent of around 5.7 million people. The number of non-savers rises to 20% among those in their 20s.
UK adults can perhaps be a bit more disciplined – just a tenth (10%) save a set amount of money each month which they don’t touch.
The average size of a savings pot in the UK is £23,629. Those in their 70s have the most, at £44,542, while those in their 20s have just £5,440. There is a big gender savings gap with men having £12,000 more in savings than women at £29,549 compared to £17,611.
The table shows how saving breaks down across the decades – people in their 70s save the lowest proportion of their income but have the highest disposable income, while those in their 50s and 60s save just 35% of disposable income.