How much do British people save each year?

Average savings per year UK

https://www.nimblefins.co.uk/savings-accounts/average-household-savings-uk#savingsperyear

The typical UK household saves £2,160 per year—this represents the median amount saved annually, so half of households save less than £2,160 each year and half save more.

The average amount saved each year is £5,403 per household. This average figure is more than 2X higher than the median figure because a small number of households have very high savings rates. For example, households in the top quintile of income save an average of £21,798 each year. In contrast, the bottom quintile of earners saves -£4,221 a year.How much do UK households save each year?Median (50% of households save more than this, 50% save less)£2,160

R

Te

Ra

R(

(Read the extract

below to understand the difference between average ( arithmetic mean) and median

The median is that point at which 50% of people save more than 50% save less.

The arithmetic mean is higher because it is skewed by a small number of people being very rich and therefore saving much more. The media give a more helpful indication of where the centre is and centre is a lot lower then we might imagine.) The bracketed paragraph was written by Katherine

Next paragraph is from the article itself

The average amount saved each year is £5,403 per household. This average figure is more than 2X higher than the median figure because a small number of households have very high savings rates. For example, households in the top quintile of income save an average of £21,798 each year. In contrast, the bottom quintile of earners saves -£4,221 a year.

I welcome comments and criticism

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.