Determining Your Financial Status According to Your Age
Recent years have seen financial struggles for many, although different generations have been affected to varying degrees. Even before the cost-of-living challenges emerged, the typical British household's wealth had only slightly increased by 0.5% between 2020 and 2022 in real terms.
Based on data from the Office for National Statistics (ONS), the median total wealth in the UK is just under £300,000, encompassing savings, investments, property, assets, and pensions. However, this figure varies significantly based on age, ranging from £15,000 to over £500,000.
The age group with the highest increase in wealth are households aged 65 to 74, amassing nest eggs that are 33 times larger than those of Generation Z individuals aged 16 to 24. Nearly a third (29%) of individuals aged 55 to 64 had accumulated wealth exceeding £1m, often through wise property investments, consistent savings habits, and robust pension funds enabling a comfortable retirement.
Do you know how your financial standing compares to your peers based on age? Explore our interactive tools to gauge your financial health, property ownership, physical assets, and overall household wealth.
Financial Status
Between March 2020 and 2022, households aged 65 to 74 experienced the most substantial rise in net financial wealth, increasing by £3,400—a 12% real-term growth, surpassing that of individuals aged 25 to 34 by nearly four times. With the Bank of England responding to inflation by raising interest rates, those with substantial savings and investments benefited greatly.
Over 28% of retired households had savings surpassing £100,000, a figure significantly higher than the 9% among younger millennials.
Property Ownership
Property represents 40% of total household wealth, with those in the bottom third of the scale having negligible property assets. Individuals who own their property outright possess over 15 times more wealth compared to renters—whose monthly payments contribute to their landlord's wealth—and 60% higher wealth than property owners with mortgages, which averaged £404,700.
A household's property assets include the main residence and any additional land or properties owned domestically or internationally. Net property wealth is calculated by deducting outstanding mortgages.