In the North East, households held an average of £179,000 in assets including savings, property and investments, while in the South East, families had £489,000, according to the Office for National Statistics’ (ONS’) Wealth and Assets Survey for the period from April 2020 to 2022.
The median wealth that families in Britain held was £293,700, with the wealthiest 10% holding £1.2m. However, the least wealthy 10% of the nation held £16,500 or less.
There were also hefty differences in the wealth of those above the state pension age (64-75) and Brits aged between 16 and 24.
The older generation held an average of 33 times more than the younger cohort, with a rise in savings and investments held by those aged 64-plus amounting to £32,300.
While there was a big difference in wealth, there was an increase in the savings adults in their late 20s and early 30s were able to amass, with savings and investments rising to £1,300 on average – a 191% increase.
How life insurance can benefit your health and wellbeing over the decades
Sponsored by Post Office
Compared to the previous survey, which covered the period from April 2018 to March 2020, there was a rise in household wealth of £2,100 per home.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “The ferocity of the explosion in saving and investing during the pandemic has been laid bare – soaring 25%. It rocketed among younger people, who almost tripled their financial wealth, and salted away an average of £800.
“However, it did little to affect the overall pattern that we build wealth as we go through life, and those who are just starting out are more vulnerable in tougher times.”
Property owners had £4,300 more than two years before, while pensioners aged under 74 had £3,300 more in assets compared to that period.
Mike Ambery, retirement savings director for Standard Life, said: “The latest figures from the ONS report reveal that property and pension are the twin pillars of household wealth in the UK, but also point to significant generational divides.”
Ambery added: “With property prices rising steadily over the years and pensions continuing to provide significant long-term financial security, this data shows that these assets are critical to maintaining financial stability.
“Household wealth for those who owned their property outright was 15 times higher than among those who rented. The figures tally with our own analysis on the importance of homeownership to financial security and the particular challenge facing those who rent a property in retirement.”
