A personal finance expert has shared guidance for anyone with a bank account
Many people are panicking about their savings, but you could already be doing better than you think. Personal finance expert Gabriel Nussbaum has shared a surprising threshold that shows when savers are actually ahead of most Brits – and it might shock you how little it takes to reach it.
Speaking in a TikTok video, Nussbaum shared some tell-tale signs people are in a comfortable financial position. “If you have more than £1,000, you’re doing great. Second, if you have more than £5,594 in savings, that is the median savings currently in the UK, meaning that if you have more than that, you’re in the top 50%, and that’s skewed by the older generation.
“So, if you have more than £1,000 under the age of 35, you’re doing better than 50%. If you have more than £3,500, you’re in the top 50%.”
According to the Office for National Statistics (ONS), the median UK household had savings of around £5,500 in 2024, meaning many people feel behind even if they’re doing reasonably well. Yet the Money and Pensions Service reports that nearly half of UK adults have less than £1,500 in savings, leaving them vulnerable to unexpected expenses or emergencies.
The ongoing cost of living crisis has intensified worries, with energy bills, food prices, and mortgage costs squeezing household budgets. But Nussbaum stresses that small, consistent savings matter more than chasing a huge balance overnight. “Even putting aside a few hundred pounds a year can position you ahead of the average,” he says.
The video has prompted plenty of reactions online. “Who knew how well I was doing?” replied a user, while another admitted: “I feel like a success at life now, thank you for that.” On the other hand, many are growing increasingly concerned: “Noted. I must do better. Less spending and more saving needed,” recognised one, followed by one more who confessed: “Oh okay, okay, so I have actually been doing worse than I first thought.”
Interestingly, younger savers often underestimate their position. ONS data suggests that under-35s with just £1,000 in savings are already outperforming half their peers. By £3,500, they’ve overtaken 50% of the adult population, demonstrating the power of early, steady saving.
Financial experts advise checking your accounts regularly, automating deposits, and keeping track of emergency funds to make the most of your money. While inflation may feel daunting, building a cushion now – even modestly – can make a significant difference over time.
