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THE AVERAGE UK ADULT VALUES THEMSELVES AT £158,543

Press Release   •   Mar 26, 2015 09:50 GMT

  • The average UK adult estimates their financial worth at £158,543
  • UK adults’ net value triples during their 40s
  • Over 60s say they are worth more than £250,000
  • Men estimate their net value to be £60,000 more than women (£165,700 vs. £104,700)
  • Bristol residents have the highest average financial worth (£308,219)

The average UK adult estimates that their financial worth is £158,543*, according to new research from Post Office Money Life Insurance**.

The research asked UK adults to consider their personal value, taking into account their home, car, annual salary, savings and all their possessions. When you take all of these factors into account the average person values themselves at £158,543 however they also admit to having debts amounting to £21,024*** meaning their net value is actually £137,519.

The research revealed a big increase in UK adults’ net value during their 40s, up from £39,444 in their 30s to £129,880. Both age groups have similar levels of debt but 40-somethings believe they accumulate significant financial worth over the course of this decade.

Financial worth varies across the generations with those aged over 60 having both the highest average worth (£264,193) and the least debt (£5,392). Meanwhile, those in their 20s are already struggling by going £27,869 in to the red, £6,000 more than the average debt of all UK adults. Overall, a person in their 60s’ net value is more than 11 times the net financial value of someone in their 20s.

Age group Financial Worth Debts
20s £50,861 £27,869
30s £73,779 £34,335
40s £163,093 £33,214
50s £208,126 £20,279
60 and over £264,193 £5,392
Nick Kennett, Director of Financial Services at Post Office Money, said “The older generation has benefitted from time to save and the soaring property market. However, what is clear is that during their 40s people gain significant financial worth and the balance begins to tip from debt to gain.”Men in the UK have a net value of £165,701 – £60,000 more than the average woman (£104,711), suggesting evidence of a gender-pay gap when we consider the important role that income plays in determining our financial worth. Research shows women of the UK are also less likely to expect an improvement in their financial situation over the next five years (32 per cent vs. 38 per cent of men) indicating that these inequalities are expected to continue.

Perhaps surprisingly, it’s not in the capital where people place the highest value on their wealth. Bristol residents are the highest, estimating their value to be £150,000 more than the national average at £308,219. Residents of Birmingham however, place their financial worth at a significantly lower £94,723 – making it the UK city with the lowest value monetary assets.

Top five UK cities – ranked by the average financial worth of each resident

Bristol £308,219
Edinburgh £202,468
London £181,221
Manchester £165,577
Southampton £157,373
Leeds £147,291

On average a third (35 per cent) of UK adults expect the amount they value themselves at to increase over the next five years, indicating that on the whole people are optimistic about their financial futures. Meanwhile, one in six (16 per cent) expect their value to decrease.

This increase in value is expected to come from a number of sources: saving more (48 per cent), having a greater income (43 per cent) or seeing a decrease in debts (24 per cent). [Further reasons UK adults expect their value to increase/decrease over the next five years in Notes to Eds]

Despite having such a large amount of financial value, the number of people who have life insurance has fallen since 2008 (currently 40 per cent, down from 54 per cent in 2008). Of those who do not have life insurance, a staggering 53 per cent say their life isn’t worth insuring, compared to 39 per cent of those surveyed in 2008.

Nick Kennett continued: “In recent years, people may not have seen life insurance as a high priority, despite valuing their lives at £158,543. However it is concerning that people think their life isn’t worth insuring. While some families might still be struggling to stay in the black on a monthly basis, it is important to think of the big picture and what life insurance is really there for – protecting your loved ones.

“People need to look to the future and make provisions should the worst happen. With cover from Post Office Money costing as little as £5 per month****, people can sleep easy knowing that they have taken steps to protect those closest to them.”

Ends

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The Post Office (Post Office Limited) has an unrivalled national network of over 11,500 branches across the UK, more than all the high street banks combined, and sits at the heart of communities in Northern Ireland, Scotland, Wales and England. The Post Office has made a commitment to maintaining its network of branches at its current size and reach. It provides around 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.

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