Are you financially prepared for the next stage of your life?
Answer eight simple questions to see how you compare with the rest of the UK
No matter where you are in your life, we could probably all do more to get ready for the next stage. We've asked the nation to see how much they know about their finances, and how prepared they are for the future. Are you ready to find out how you compare?
Let's start with a bit about you...
Are you...
Tell us your age
How much do you have in savings?
You're a sensible saver
On average, people in your age group had £2,500.50 in savings.
How you compare to the UK
- £4500
Male
- £3500
Female
The median amount men have saved is 29% more than women. The median savings for men across all age groups was £4,500 versus the £3,500 saved by women.
What are you saving for the most?
You're saving for your child's future
25
of those in your age range are also saving to travel
How you compare to the UK
The other most popular options were 'not saving for anything' (31%) and 'saving for a house' (18%).
How much do you think you should have in your pension pot?
You think you need £100,000 + in your pension pot
25
You have underestimated the recommended amount by 59%
How you compare to the UK
Overall, people were likely to underestimate the recommended pension pot amount. The average underestimation overall was 46%.
Do you know the current value of your pension?
You're not alone
25
of people in your age range also do not have a pension pot
How you compare to the UK
Men are more likely than women to claim to know their pension pot size.
Do you have life insurance?
You're more prepared than most
25
only 32% of people in your age group have life insurance
Of those surveyed, the majority (48%) said they did not plan to buy life insurance.
Want to find out more about what life insurance covers?Have you written your will and testament?
You are ahead of the curve!
25
Only 14% of those in your age range have written their will.
How you compare to the UK
While more men (40%) than women (37%) already had a will, more women who did not (45%) were planning to make one versus men who did not (40%).
Have you planned for your online assets after you pass away?
Digital assets include online accounts (e.g. social media, email, shopping etc.), digital money or cryptocurrencies, information stored electronically (on or offline), domain names and intellectual property, including copyrights and trademarks.You're miles ahead!
25
Only 20% of those your age have accounted for any of their online assets.
How you compare to the UK
Men were both most likely to have online assets to look after, and also to have put measures in place to look after them. 25% had accounted for some or all of their online assets, versus 17% of women.
Overall you are
25
financially ready for the next stage of your life
Others within your age group were, on average, 20% financially prepared for their futures.
Ways to improve your preparedness could include setting money aside each month for savings, considering taking out life insurance and preparing a will for your future.
How you compare to your age group
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How much do you have in savings?
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What are you saving for the most?
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How much do you think you should have in your pension pot?
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Do you know the current value of your pension?
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Do you have life insurance?
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Have you written your will and testament?
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Have you planned for your online assets after you pass away?
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Data from visitors completing the Prepared for Life questions on https://www.moneysupermarket.com/, 1 January 2019 - 12 October 2020