Thirtysomethings who are working are on track to be the wealthiest generation overall, according to recent research commissioned by Equity Release Supermarket.
The report found that employed adults in their thirties earned the highest salaries, saved more and had the most disposable income.
The study of 2,000 adults also revealed how much cash the average person has throughout each decade of their life, with those aged between 30 – 39 coming out on top. People in their thirties earn an average of £32,561 per annum and save £309 each month.
Many of those in their thirties also have less debt than people in their fifties (an average of £7,196 compared to £8,315).
Founder and CEO of Equity Release Supermarket, Mark Gregory, said: “Our study revealed that while those in their thirties are impressively thrifty in their approach to money and savings, adults aged 40-49 who have had more time to save are slogging along with just £11,039.
“We know first-hand that many parents and grandparents would like to support their younger family members in their later life, whether that be with university fees, property, or other financial support.
“However, the research highlights that this may not be possible for several people in their 40s, 50s and 60s, which is where equity release could come into play as one potential solution.”
Planning for the future
50% of those aged 60 and above have planned for the future with pension and cash savings, while 20% are relying on their investments to fund their retirement. 14% are considering downsizing to release more cash to live on.
Gregory added: “You spend your entire life building up savings – whether that’s in your pension, cash savings or investments like property – just so you can relax and enjoy your later life retirement years.”
Disposable income per month by age group:
|20s – £269.49||50s – £362.64|
|30s – £382.85||60+ – £382.58|
|40s – £364.25|
Salary by age group:
|20s – £23,920.13||50s – £28,771.27|
|30s – £32,561.51||60+ – £25,771.91|
|40s – £32,175.52|