New data published by the Bank of England has assessed the health of savings in the UK.
The March 2025 report looked at household finances and found that accumulated cash deposits and savings now total £1.9 trillion. This figure includes accounts with variable interest rates, fixed rate bonds and individual savings accounts (ISAs).
While total volumes have fallen since peaking during the pandemic, they are still up from £1 trillion 10 years ago. The total held in cash ISAs now tops £294 billion, while the figure for new cash ISA deposits over the 2022-23 tax year came to £41.6 billion.
People in the UK generally still see cash savings as a secure option, with 70%, or 37.1 million people, having some type of savings account. The most popular product is a bank or building society savings account, ahead of cash ISAs or Premium Bonds.
The survey, carried out in conjunction with the Financial Conduct Authority (FCA), also identified age disparities between UK adults. Although a majority of people of all ages held savings accounts, the percentage was considerably higher amongst older groups.
Further research by the Office for National Statistics (ONS) published in January revealed that median net household wealth was £6,800, as a measure of assets including current accounts, deposit savings, bonds, investments and other financial assets. Mean averages can be impacted by a small percentage of wealthier people with high levels of savings, which again is often determined by age.
For bespoke savings advice in Cheshire, call local finance specialist Hartey Wealth Management today to set up an appointment.
