Average Net Worth By Age (not what you'd think)
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- Опубликовано: 29 июн 2024
- In this video I use the Office for National Statistics data from March 2020 which shows the average net worth figures across different age groups. I will break down the values and look deeper into what type of assets they are and also think about why that might be important looking ahead to retirement.
Here's the link to the ONS data used:
www.ons.gov.uk/peoplepopulati...
Timestamps:
00:00 Intro
00:46 What is net worth?
01:30 What data am I using?
02:31 Age 16-24
03:19 Age 25-34
04:06 Age 35-44
05:05 Age 45-54
05:53 Age 55-SPA
06:45 Age SPA - ?
07:33 Why break it down?
07:52 Person A vs Person B
09:24 The Most Interesting Thing Is...
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#networth
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Interesting video (as always!). I think the most surprising aspect from these figures for me is the Physical Assets. Seems very high through all age categories. Other than a car, I'm struggling to think what could really make up such high figures, there's only so much garden furniture, televisions, and shoes you can own.
I suppose over the years spending on 'things' that aren't perishable are technically inflating the number
A I mentioned in my other comment. These numbers look over inflated. It looks like they are talking about household wealth rather than individual wealth. Saying the median individual aged 45 - 54 has a net worth of £277,000 would basically be saying the median household wealth for that same age group is around £500,000. I also highly doubt a typical 20 year old has a net worth of £20,000
I agree. Most physical assets when sold second hand, IE eBay are only worth a fraction of the purchased cost.... 🤔
This video is going to perform really well, it's really well made!
Thanks mate! I hate animating all the text 😂
These numbers are completely WRONG😂 There is no way the average 30 year old is worth £60k lol.
Think he's taking average not median numbers which renders this whole video useless lol
Great vid as always 👌
Appreciate it!
Really interesting and very thought provoking... 😮
Glad you thought so, me too!
Definitely going to look at that data
Loads of interesting stuff in it, link is in the description
Surprised the savings and investment amounts are relatively low - aiming much higher than that - enjoyed the video - u always make me chuckle Sue 😃
Thanks for watching!
The physical assets feels high. Checked the office national statistics but couldn't really work out how (specifically) they are surveyed. Assuming it's a pretty basic survey (simply asking a sample of households) how reliable would this be?. For example, people might be tempted to use the price they paid as a way of determining what they think their stuff is worth - when we all know that a tv bought for 1k is worth 800 walking out the store and little less than half in 6 months. One year later, 150quid or whatever CEX trade in price is lol. Personally I cast doubt over the assets but rest looks pretty spot on.
Great vid!
These numbers are completely WRONG😂 There is no way the average 30 year old is worth £60k lol.
Think he's taking average not median numbers which renders this whole video useless lol
Hi Tom,
New subscriber here as enjoyed the content ive watched so far.
Do you know what a reasonable charge for a lifetime ISA should be?
Ive seem Forresters Financial are charging 1.5% per year for a managed fund which seems a lot?
Great video! I have a question though. Net worth also includes debt, why isn't there any debt in any of the examples (Like student debt, or morgages) Or am I missing something?
The tiny savings and investments numbers in comparison to physical assets across almost all the age ranges is mind-blowing. If you ever needed something to justify upping the focus on financial education in this country, those figures are it. But don't worry, apparently Uncle Jeremy is going to "help" us all this Autumn by finding ways to penalise anyone who's taken even a modicum of responsibility for their long term financial wellbeing and saved for the future in ISAs. Lord help us...
Yep, that statement at the end showing where the wealth is held was so interesting to me.
9:29 is quite the statement. Clearly more people need to stop being consumers and start being owners.
I know. A really interesting insight I thought, made me stop and think anyway.
This has made me truly realise. It's not one size fits all. It's about a person's timeline to accessing your cash. If I own property, can I sell a window or a door to take a little out? I've got a warm coat.
I was very surprised at first age group. I was expecting them to have substantially less. Nevertheless great video as always!
You and me both!
A I mentioned in my other comment. These numbers look over inflated. It looks like they are talking about household wealth rather than individual wealth. Saying the median individual aged 45 - 54 has a net worth of £277,000 would basically be saying the median household wealth for that same age group is around £500,000. I also highly doubt a typical 20 year old has a net worth of £20,000
@@Reaper7963 Well you never know. Youngsters are becoming more savvy these days. They may have alot of their money tied up Bitcoin and Shiba Inu for what we know...🤣
It’s shocking how little people have in investments - ie stocks, shares, dividend producing assets etc.
Wondering how the average 20 year old has nearly £20k in assets. What??
Suppose he means a car, if you’ve paid it off
@@fanfeck2844most though are on finance these days……
1 lucky kid has a £1,000,000 trust fund, 49 kids have £0.
Average kid has = £20,000
@@t28mcdmean yes - but the median would be 0
That's the mean. We are talking about median here.
It would be interesting to factor in the monthly rental income you get from owning rental properties rather than just calculating the total value of the property you own. I mean, I own two rental properties that are only £100,000 in total value but they generate £8640 a year which is basically the equivalent of the state pension and I'm only in my 40s and I invest most of this into things like stocks and shares.
Easy for me to say as im slaying it ;) but I'm 24 with a net worth of £72k 🎉😊
Renovating a house we brought in March :D
Nice work!
This was a great video - thank you.
However I have to say that the physical asset figures were nonsense. You should value these assets at what you would get for them second hand, which is why I never even include the £1k that I could probably get for all my stuff.
Student loans missing from 16-24 group ! ?
That’s not actual debt
Ain’t no 16-24yr old with 20k physical assets lol…20k car repayment loan yh😂
These numbers look over inflated. It looks like they are talking about household wealth rather than individual wealth. Saying the median individual aged 45 - 54 has a net worth of £277,000 would basically be saying the median household wealth for that same age group is around £500,000. I also highly doubt a typical 20 year old has a net worth of £20,000
Yes household
Can you please state how/where the pension figures are made up from?
Private pensions?
The only pension pot I have, is what I've put in N.I contributions, does that count as zero?
Yes, it’ll be private pensions. You’re state pensions isn’t a fund
@@fanfeck2844
Seems alot of money for private pensions, right through the age ranges.
Plus they're not guaranteed in many cases.
I wish the guy would have made it clear.
@@keepitreal1547 How old are you? The workplace pension has been going a few years now, my number in the that matches almost perfect with my age range, mine is a little higher actually but not much. I then add to my stocks ISA on the side.
@@keepitreal1547 when I said private, I really meant workplace, where both me and my employer put in 7.5% each. If you start that around 20 years old it soon adds up. In the early years I was doing about 4% when I had more outgoings
Nice haircut! 👍
Thanks! 😃
Yes! Mines bigger than average!
Your (future) partner is very lucky
😂
Nice haircut 👍🏼
Thanks! 😁
Max was here
👋🏻
You’ve missed a crucial clarification- is this individual or household wealth?
Household
Per person or per household?
It looks like per household. The video implies it is per individual. A I mentioned in my other comment. These numbers look over inflated. It looks like they are talking about household wealth rather than individual wealth. Saying the median individual aged 45 - 54 has a net worth of £277,000 would basically be saying the median household wealth for that same age group is around £500,000. I also highly doubt a typical 20 year old has a net worth of £20,000
Household
if property wealth is never more than £200k, how come there isnt a 3 bedroom home within the M25 for less than £600k? How come all the millions of homes in London , 4 beds start at £1m?
A large portion of people do not own houses and rent so they will skew the numbers down by quite a bit and some people are also in negative equity.
Because the UK does not equal London?
Yes but London is the capital and has millions of people that would influence the stats. How many towns outside London do you think it would take to equal the population of London? Like it or not London is the dominant population in the UK.
The Argentinian midfield maestro is no more 😢 Grow it back
😭
What is the point of having all that money when yr 65 and yr dk don’t work anymore
You have 7 days a week free vs 2 days. So there are hobbies, eating out, holidays, giving money to family, doing Scrooge McDuck swimming in money - this is why it went down after retirement.
22 years struggling to make ends meet and rationing heating seems a miserable future.
@@The45thClownI think peak time got to be 35-45yrs old. Anything beyond that you’ll just look like ass
ermmm, for retirement?
@@ThatFinanceShow tell yourself that in the mirror when yr 65 mate😂guarantee it will be a different story
@@FailedSociety321 I’ll be retired long before that my friend. All in my control.
Noooo , what happened to the Jonathan creek hair ! 😢
😭
Well, at least I have more than a typical 20 year old. 😁😁😁
Keep going buddy
When you think your doing really well but realise it's just average lol
These numbers are completely WRONG😂 There is no way the average 30 year old is worth £60k lol.
Think he's taking average not median numbers which renders this whole video useless lol