How much you should have saved

@gabriel.nussbaum

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Why it worked

The video provides clear, data-driven insights into personal finance, presented in an easily digestible format with on-screen text. The relatable topic of savings and the age-based comparison likely resonated with a broad audience, encouraging engagement and shares.

Summary

The video presents a breakdown of average savings amounts in the UK by age group, ranging from £520 for 16-24 year olds to £20,188 for 65-74 year olds, before dropping slightly for those 75 and over. It highlights the importance of building an emergency fund and notes that while earning potential increases with age, so does the cost of living, impacting savings rates.

Structure

1Introduction of savings by age group
2Savings for 16-24 year olds
3Savings for 25-30 year olds and reasons for low savings
4Savings for 35-44 year olds and importance of emergency fund
5Savings for 45-54 year olds
6Savings for 55-64 year olds and pension comparison
7Savings for 65-74 year olds and largest jump
8Savings for 75+ year olds and decrease

Original caption

A comprehensive guide to how much you should have saved 🤑 (age by age) How much do you have? #p#PersonalFinances#savingsl#LearnOnTikTok

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On-screen text

How much you should have saved by Age Group Age 16-24 £520 £5,500 Age 25-30 £520 £5,500 Age 25-30 £730 Age 25-30 £730 Age 35-44 £730 Age 35-44 £3,111 Age 35-44 £3,111 3-6 months expenses Age 35-44 £3,111 Age 45-54 £3,111 Age 45-54 £3,462 Age 45-54 £3,462 Age 55-64 £7,800 Age 55-64 £7,800 £77,500 Age 55-64 £7,800 Age 65-74 £7,800 Age 65-74 £20,188 Age 65-74 £20,188 Age 75+ £20,188 Age 75+ £16,125

Transcript

How much you should have saved depending on how old you are. Well, here is a list of exactly how much on average in the UK has saved depending on your age bracket. First up, if you're 16 to 24, that number sits at just £520. Not £5 and a half thousand, £520. Next up between 25 and 30, I'm actually quite surprised by this. It's just £730. I think the biggest issue here is that as the pay rises, do go up, so does your expected cost of living. You might start a family, you might buy a property, life just gets more expensive, meaning that even though you might be earning more, people aren't saving more. Between 35 and 44, that actually jumps up quite a lot to £3,111. The scary thing here is that you should be at quite a strong earning potential at this age, but just one emergency might ruin that entire pot of money. That's why it's so important to build an emergency fund, three to six months worth of living expenses as soon as possible. At 45 to 54, it doesn't jump up that much at £3,462. I think the reason behind this is that the rush for retirement hasn't quite hit in yet, which is why when we get to now 55 to 64, the number does jump up quite a bit to £7,800. Remember, this is just median savings amount, the amount of liquid cash that you have available to you because pensions at this age sit at £77,500. Now at 65 to 74, we have our biggest jump by far. We're now at £20,188. And finally, at 75 plus, you can imagine this number starts to drop to £16,125. So how do you compare to the current median numbers and were you surprised by these numbers and how low they are? And follow along for more financial education.