- 54% of young people in Wales have £0 in savings, according to new research by Prograd
- 28% of people between the ages of 18-35 in Wales have less than £1,000 in savings, not even 2 month’s expenses
- Wales is the region in the UK with the second lowest savings, only trumped by East Anglia
Over Half (54%) of people in Wales aged 18-35 have £0 in savings, according to figures released by Gen Z financial literacy platform Prograd*.
Shockingly, 28% of people between the ages of 18-35 in Wales have less than £1,000 in savings, meaning a combined 82% of the young population barely has more than 2 month’s worth of expenses in the bank.
This is much higher than the national average of 76% for young people with less than £1,000 in savings, showing the relative financial difficulty young Welsh people face.
Worrying Welsh Savings
With a staggering 54% of young people reporting having nothing saved, Wales ranks as the second lowest area for saving in the entire UK, only trumped by East Anglia.
The middle-income brackets in Wales show even bleaker figures. Only 11% of respondents report having between £1000-£2000 in the bank and 2.8% report having between £3000 – £5000.
Combined, 95.8% of young Welsh people have less than £5,000 stashed away.
In fact, in almost every bracket, Wales ranked lower in savings than the national average.
This slump in savings poses significant challenges for young people’s financial security and highlights the urgent need for financial literacy programs and policies to encourage saving and bolster economic resilience in Wales.
You can see the National vs Welsh figures here:
National Vs Welsh (Welsh in Bold)
- £0: 46.72% vs 54%
- Less than £1,000: 28.98% vs 28%
- Between £1,000 – £2,000: 9.22% vs 11%
- Between £2,000 – £3,000: 4.84% vs 0%
- Between £3,000 – £5,000: 5.86% vs 2.8%
- Between £10,000 – £20,000: 2.66% vs 0%
Regional disparities in savings habits were also evident across other regions in the UK, with London coming in as the area with the most savings and East Anglia reporting nearly 60% (59.09%) of young people with nothing saved at all.
Wales and Scotland followed closely behind, with a respective 54% of young people in Wales and 50% of those in Scotland reporting £0 in the bank.
The Gender Savings Gap
When it comes to gender disparity across the entire UK, the numbers aren’t much better. Nearly 50% (49.5%) of women have nothing saved, while around 27% have less than £1,000.
Conversely, 43% of men admitted to having no savings, with approximately 33% having less than £1,000.
When looking at the data by age group, the findings show a strange trend. Whilst it might seem obvious that older respondents have more savings than younger ones, this doesn’t seem to be the case in reality.
In fact, the age group with the highest percentage of people without savings is those aged 25-30. Over 52% report having no savings, with roughly 22% having less than £1,000.
This is closely followed by those aged 18-21, where nearly 51% have nothing saved, while just over 26% have less than £1,000.
The age group with the most savings is those aged 30-35. However, a staggering 67% of respondents in this age group still have less than £1,000 in the bank.
Marco Logiudice, Co-Founder at Prograd, commented on the research “Candidly, the findings from our research serve as a wakeup call.
“It’s evident that young people in the UK face real financial challenges, be it age, location, or gender. However, it’s not all doom and gloom. Understanding these disparities is the first step towards change. Financial literacy is the key to unlocking brighter financial futures for the next generation. Together, we can bridge these gaps and empower our youth to make informed, financially sound decisions.”
The survey paints a vivid picture of the financial landscape faced by young people in Wales. From stark disparities in savings across age groups, regions, and genders, it’s evident that a new approach to financial education and empowerment is urgently needed.
Only by equipping young individuals with the knowledge and skills to manage their finances effectively, will we be able to pave the way for a brighter financial future.