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New research from Charter Savings Bank suggests 30-somethings are at their savings peak, with this group setting aside an average 58% of their disposable income each month. In comparison, people in their 20s set aside 53% while those in their 50s and 60s 'only' set aside 35%, with the overall average standing at 42%.
Of course, differences in the (average) monthly disposable income will influence this, but the study further found the disposable income of those in their 30s isn't that far off from those in their 70s, who are receiving the highest average of £506, followed by those in their 40s who have £488 to play with every month and then 30-somethings with an average of £486.
This translates to an average saving of £280 per month for those in their 30s, which could see them with a nice sum of £3,364 to set aside every year. This is the highest amount among all groups and quite a bit higher than the overall average of £2,291 saved each year.
Looking deeper into the data finds that men have nearly double the disposable income that women have, at nearly £600 compared to just over £300, resulting in women saving £134 per month compared to men's £252. This could stack up into quite a difference in the amount each gender has set aside for emergencies and their later life.
This isn't the only worrying statistic, either, as 11% of adults reported that they've never opened a savings account – the equivalent of around 5.7 million Brits. This number rises to 20% among 20-somethings, showing that greater awareness of the value of savings accounts and interest is still necessary.
It's important to at the very least have an emergency pot, as you can't predict when your washing machine breaks down or you might need to replace your car's engine. That's where easy access accounts can come in, as they allow you to regain access to your funds whenever you need (with some exceptions, as certain providers limit the number of withdrawals) while still giving you an interest bonus every year or even monthly.
Once you've breached £3,000, however, you may want to think of setting some of your savings aside in a fixed rate bond, as these offer higher rates – the longer you are happy to set your funds aside for, the higher the rate you are likely to be offered. This can be ideal for saving up for a house deposit, wedding or even your retirement (though adding funds to your workplace pension should always be your first instinct for the latter).
"It's interesting to see that, no matter what age we are, a potential emergency is our primary motivator for setting money aside," Paul Whitlock, director of Savings at Charter Savings Bank, commented, with the figures showing that 52% of savers are motivated to save by this.
"Beyond that, everyone will have different priorities for how much they can afford to save and what they are saving for, depending on what stage of life they're at. The important thing is to try and save as much as you can afford to, from as early an age as possible, and seek out the best rates possible. It may not seem worth putting a small sum away each month, but it's a brilliant habit to get into, plus that money soon grows."
Whether you're a savings-savvy 30-something or at any other stage in your life, make sure you get the best deal on your savings by keeping an eye on the savings Best Buys.
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