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Timak

Average Savings Per Household

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Distribution-median1.png

So the Median household in the UK has savings (excluding housing equity and pensions) of £0.

More than £20k in savings puts you in the top 20% and more than £60k in the top 5-10%

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What does 'savings' include? Over 60% of people are homeowners. What about equity? Or pension savings?

If you read the OP it excludes pensions and houses which is a bit daft IMO I have put £14,000 into my pension this year and I still owe £60,000 on my mortgage my figures could change at the blink of an eye if I repaid my mortgage.

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If a person had £20k in cash ISAs, a £10k car loan, a £8k unsecured loan for home improvements, and £3k on credit cards, do they still count as a saver?

What about share holdings?

Edited by disenfranchised

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Equity and savings are not the same.

Exactly, this report shows the amount of available "cash assets" the average household has.

Yes there might be some people who pay all high earnings into a pension but the majority don't even have £1000 they can lay their hands on in an emergency.

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If a person had £20k in cash ISAs, a £10k car loan, a £8k unsecured loan for home improvements, and £3k on credit cards, do they still count as a saver?

What about share holdings?

Yes.

This is looking at available cash assets - so shares, cash, premium bonds etc count

I don't believe it looks at the net position as the Bank of England only sourced the data through a household survey.

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Guest eight

Blimey, i must be one of the 1%-ers.

Sorry for oppressing you all.

Surprisingly, it appears I am too.

I had no idea.

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Blimey, i must be one of the 1%-ers.

Sorry for oppressing you all.

What with renting 'n all, and now being in the 1% with some savings, I'm feeling increasingly, marginalised.

I'll be able to unlock all the financial benefits of a discriminated minority soon.

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Blimey, i must be one of the 1%-ers.

Sorry for oppressing you all.

Probably explains why the government are so eager to pump up house prices.

When people are sitting on £500k of equity they don't care they have no savings.

When that house is only worth what they paid for it a decade earlier and they have no savings they tend to get angry.

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What with renting 'n all, and now being in the 1% with some savings, I'm feeling increasingly, marginalised.

I'll be able to unlock all the financial benefits of a discriminated minority soon.

SO some of us are 1%-ers and rent.

My compound interest/savings and non-home owning tactic seem to have worked.

Who'd have though it.

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Guest eight

You ****, you should be taxed more, other people should benefit from your savings/work. :rolleyes:

Not intentionally seeking to boil your piss, but actually we inherited it from a classic boomer.

Now if only I can interest you in purchasing the late fella's house at my sister in law's full inflated sense of its worth then I might yet make the 0.5%! :P

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SO some of us are 1%-ers and rent.

My compound interest/savings and non-home owning tactic seem to have worked.

Who'd have though it.

Funny how that works despite me being constantly told that by renting I am a loser, making poor financial choices,dead money, not securing my future etc etc. Yet all the people I know who do this have lovely houses, big nice cars and are in debted to ******.

You cant put a price on happiness either and I know I am sooo much happier than those I work with who mortgage. My only problem is how many holidays I should have this year.

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If you read the OP it excludes pensions and houses which is a bit daft IMO I have put £14,000 into my pension this year and I still owe £60,000 on my mortgage my figures could change at the blink of an eye if I repaid my mortgage.

It so often does.

I'm technically a "high net worth" individual. All it means is that I have more that £250k assets excluding house and pension.

I still couldn't afford much of a house, given that a big chunk of my assets are illiquid, and I'm too old to qualify for a big mortgage. :( Guess my best chance is when I hit 55: if I take a year in a tax haven so I can release the whole pension fund without losing a six-figure sum to the taxman then I release enough cash to buy somewhere nice (excluding London and other hotspots, of course).

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How does this survey/data take into account cash or other items held outside the banking system?

Edited by Errol

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Funny how that works despite me being constantly told that by renting I am a loser, making poor financial choices,dead money, not securing my future etc etc. Yet all the people I know who do this have lovely houses, big nice cars and are in debted to ******.

You cant put a price on happiness either and I know I am sooo much happier than those I work with who mortgage. My only problem is how many holidays I should have this year.

This is the only downside AFAIC. Some people like to be bigots or to use someone's alternative lifestyle path to marginalise them, the latter often out of envy.

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