# Average savings and income for ~26 year old?



## burmo

Hi everyone,

I would be very interested to know is there any research information available showing the average savings and/or income per person vs age?


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## Lightning

This may help, but does not directly answer your question ...

CSO publish average earnings: 
See [broken link removed]

PostBank do a quartely savings survey:
See


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## burmo

Thank you. Any idea why the most recent CSO figures are 2006?

Found new postbank quarterly report:


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## burmo

This last report states that the average saved is around €305 / month = €3660 / year.

It also suggests that the average person will save 13% of income next year. At the average industrial wage (~33k?) that also works out about €3,600. 

Is this the norm do you reckon for people who don't have a mortgage? Is there a rough rule? I heard 1/3 living, 1/3 entertainment and 1/3 savings before... 

I know if you don't have debt at the moment you're already ahead of a lot of people... just wondering where the average asset level at ~26 is. Any ideas?


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## zenzen

i would be interested to know this too, and also how much would the average 26 year old actually have in savings. my friends all have 50k plus which i think is amazing, or is this just the norm?


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## burmo

They all have 50k plus at 26? Irish? Male / Female? Saved by themselves? Very unusual for me... the only person I know who has more than €2k euro is a guy who has €20k (who doesn't even bother to put in on deposit). Everyone else calls their 1-2k savings.


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## zenzen

all are around the 26/27 age mark, all girls. i got a shock when we were discussing it as i thought when people were saying they had savings they meant maybe under 10k at least - and that would be doing well. well done to them for having figures like 45k, 50k, i wish i could do it.


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## burmo

That's very heartening for me to hear as I never usually meet any similar age Irish people who set money aside for their future. One more question, city or country bred?


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## UFC

Personally I would be enjoying my life (travelling, socialising, etc.) at 26 rather than trying to save as much money as possible.

I've only been saving for about two years now (I'm 31) and most definitely don't regret my hedonistic 20s! I live a fairly simple (but comfortable) life now so I am able to save a lot of money per month - about six times the average quoted above.


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## stevie

Speaking from my own point of view and I am 28 year old male and have approx 105k Euro saved give or take a few hundred. My savings would be somewhat higher apart from the fact I have contributed approx 34k to a BOI Life Fund and over the past 18 months or so it has taken a serious hit and has a current encashement value of approx 26k. I only started working full time in 2004 and am now pretty much on the average industrial wage give or take. I do admit I am somewhat cautious with my money but do spend enough to enjoy life. Not a smoker or serious drinker but would seldom miss meeting up with friends at the weekend for a few scoops. I have lived away from home over the years but am now back home. Granted its not ideal for someone my age but it doesn't put me out too much either. Probably my biggest cost is running a car, petrol, tax, insurance, maintenance, etc. I am not afraid to get my hands dirty though and have learned to service it myself (not too difficult) and carry out certain other work on it. I do tend to look for the best savings accounts and will shift my money around at the drop of a hat to maximise returns. For example when I heard on the radio earlier this year that there would be a high probability that Credit Unions would not be paying their members dividends this year I shifted my savings there into a higher return deposit account. Plan to buy a house within the next five years but dont intend to indebt myself to a bank for the next 30 odd years...no sir, if I do take out a mortgage it will be five year term at the most. 

My parents are far from wealthy people and what pocket money I did get was small and I think I grew up to know the value of money better than most of my friends . Most of my friends seemed to get the latest gadgets and computer games at the drop of a hat which wasn't the case for me.

OP suggests a typical allocation of one third of earnings allocated between living/ entertainment and savings for the typical 26 year old which I don't think is the case. Firstly I believe there would be more 26 year olds servicing loans than putting money towards savings but I may be wrong on this. I work in Financial services sector where you might expect colleagures to be people that are that bit more savvy with their money than most. However, still up to this day the norm seems to be the new 30k mini or beemer every second year and 2 or 3 holidays a year to the Carribean/ Australia/ South Africa and the like among colleagues my own age or thereabouts


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## stevie

Would just like to add also that "the average industrial wage" is a figure I would be highly sceptial of and would not attach too much significance to. Would it be more realistic to use the median figure as oppossed to mean. Also average industrial wage does not take into account th many people on social welfare and hence why I would be inclined to discount any significance of the figure.


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## TheJackal

burmo said:


> Thank you. Any idea why the most recent CSO figures are 2006?


 
The 2006 Census!


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## burmo

TheJackal said:


> The 2006 Census!


 
Ah, thanks. There's no data pulled anywhere from peoples P60s for example?


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## Protocol

Earnings data are not part of the Census.

Here are some links to CSO earnings data:


General webapge with some data and links:
[broken link removed]

Links to specific data series:
[broken link removed]

Recent general earnings report:
[broken link removed]


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## Protocol

At age 30 I had 120k in savings, but that includes a 45k inheritance.

When saving for a house, I used to save 700-1000-1200 pm.

Across my friends now, all aged 30-36, some are unemployed / students, and so would have just 5k in savings, others have up to 120k in savings.


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## Protocol

stevie said:


> Speaking from my own point of view and I am 28 year old male and have approx 105k Euro saved give or take a few hundred.
> 
> I only started working full time in 2004 and am now pretty much on the average industrial wage give or take.


 
This is impressive.  105k saved, and aged under 30, very good.

Can I ask, is this purely out of your income, or were you gifted any cash, or inherit?

If we average that out over 6 yrs, *it's 1450 pm*.  To keep up 1450 savings every month is disciplined.

NB: please note that the GAIE, gross average industrial earnings, was about 33k in 2007, but then the CSO stopped this data series.


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## burmo

Protocol - thanks for those links... It suggests looking at manufacturing wages that the average is ~40k€ (20.45/hour * 37.1 average paid hours * 52)?


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## burmo

Stevie - A man after my own heart. Have a good life while looking after the pennies, get your house and not spend the rest of your life in debt paying for it.

I also had parents who showed me the value of money and they work very hard, and I had to earn my pocket money in the family business so I think that shaped my view on the value of it. But I had a good life, we had Sky and other trappings from an early age, and they paid for me in college so I could start work debt free. 

I also got burned a little with equity funds but it was a cheap lesson in some respects and it could have had an extra 0 on the end. Same again, I take the time to try and get the best value for my money though guaranteed options only at the moment. I'm looking into things at the moment - did you see New Irelands 4.6% pa 2016 and the 4% pa 2014 guaranteed bonds? [broken link removed]


UFC - I hear what you're saying but for me I like to live within my means and very importantly for me to have a buffer for unforseen events in the future. My attitude, and I can agree it may not suit everyone, is that I will get what I feel I need for my life first then increase the lifestyle and discretionary spending in a few years - even more travelling, etc. Well... there will never be a shortage of things in the future to spend money on!

I think I have a good life, but I make sure to get value out of everything I buy. I was out two nights last weekend with my friends, been in Italy twice and France this year, and I rent in a nice apartment in Dublin city centre.

My bug bear is with people who are so flippant and ostensibly lazy. Oh sure it'll be fine, someone will catch me when I fall. I'll take out a loan to go on holidays. Yes it is €100 cheaper online, but I don't want to wait a week for my new music player... and sure if I do save the €100 I'll just spend it in the pub this weekend so it's the same thing. Isn't the ability to delay gratification a sign of maturity?


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## pator

Protocol said:


> This is impressive. 105k saved, and aged under 30, very good.
> 
> Can I ask, is this purely out of your income, or were you gifted any cash, or inherit?
> 
> If we average that out over 6 yrs, *it's 1450 pm*. To keep up 1450 savings every month is disciplined.
> 
> NB: please note that the GAIE, gross average industrial earnings, was about 33k in 2007, but then the CSO stopped this data series.


 
Wow - 28 years old with €105k in the bank and an investment of €34k, that is some going. 

At €1450 a month (to reach 105 in six years) you are putting away circa 50% of your salary if on the average industrial wage of about €35k (ignoring the tax deduction thing) plus another €34k on top of all that. 

No probs if you dont wish to say, but I presume you have/had an alternative source of income besides the day job. 
(just seems very little to survive on with living away from home for a period, own car, "few scoops" most weekends etc)

To the OP - After that I suppose it is a personal preference. Lots of sites seem to suggest having a rainy day fund of between 3 and 6 months of your salary. Rather than average in your question this concentrates on what you normally have and the lifestyle you are used to living so for me is a better measure.  After that if one is young and enjoys travel I would say why not, if don't like travel but do like nice cars then why not. It is all personal preference.  

Again some excellent advice on this site over the years would suggest that significant sums in a deposit account is not necessarily the best way to get the greatest return on your money, effects of inflation etc. Fair enough if saving for a particular purpose like a house, but again some advice would say that a mortage is the cheapest money you can get so why use your own. For example a lot of people on trackers now have interest rates of 1.65%/ 1.75% or 1.95%, ok they will go up but swings and roundabouts over the life of a mortgage. 

Again fair play to anyone for amassing 139K at 28 years of age.


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## Protocol

I think the 105k savings includes the 34k in the managed fund.


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## glasto

I'd say the proportion of 26 year olds with savings like that are in a miniscule minority, and most of them with signicant means behind them too. Most 20 somethings I know are pretty skint, spending all or most of there earnings, as indeed I was at that age. And I don't regret spending a penny of it either, fun times!


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## Protocol

If we had max 80% or 90% mortgages, then people aged 28-30, if they wanted to buy a house, would have to have 20k-60k saved as a deposit..


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## burmo

Protocol said:


> If we had max 80% or 90% mortgages, then people aged 28-30, if they wanted to buy a house, would have to have 20k-60k saved as a deposit..


 

That for me is the problem. Cheap and available credit allow a lot of people to buy today and ah sure I'll pay tomorrow. There is a level of maturity when it comes to impulse buying that most seem to not be able to handle. The oh I'm saving hard from now on mantra and by the end of the week they've spent a few hundred on stuff and drinks (last week example by someone I know).

Whereas I perceive that a generation ago you didn't spend what you didn't have and people tended to live within their means more and know that noone was going to bail them out in the future if they spent foolishly.

Oh sorry, I forgot it's peer pressure.


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## Appman

Hi, I am 25yr on €30K saving average 1K a month. Last three years only as that’s when I started this job. Have ~45K in deposits saving for house. This does involve some discipline but easily done. SSIA (Just qualified thank god) was 17K I think at maturity and went straight into this. Been paying tax since leaving cert. And I do have a happy lifestyle. Been long time since spent weekend without heading out with mates. Holidays also but more recently as in past was kept within Ireland or Scotland. Went to College their so have mates to put me up. Expenses would be €250 - €300 month on rent and car upkeep and fuel about €2,500 to €3,500 a year. Rest I spent on food/drink and entertainment and girlfriend


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## pator

Appman said:


> Hi, I am 25yr on €30K saving average 1K a month. Last three years only as that’s when I started this job. Have ~45K in deposits saving for house. This does involve some discipline but easily done. SSIA (Just qualified thank god) was 17K I think at maturity and went straight into this. Been paying tax since leaving cert. And I do have a happy lifestyle. Been long time since spent weekend without heading out with mates. Holidays also but more recently as in past was kept within Ireland or Scotland. Went to College their so have mates to put me up. Expenses would be €250 - €300 month on rent and car upkeep and fuel about €2,500 to €3,500 a year. Rest I spent on food/drink and entertainment and girlfriend


 
Welcome along Appman .

Good going, I would say anyone at 25 would be envious of you. €45k in the bank and a car paid for. (I am presuming it is paid for as 2500 - 3500 a year would be gobbled up by insurance for a 25yr old, tax, fuel and running costs)
 Good going also to have amassed 17K in the SSIA at only one year into your current job. Obviously very disiplined at 18 -23 to get 17k together, (accepting the 25% top up) particularly whilst also spending some time in that period in college in Scotland. 
Best a luck with buying the house.


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## pugwall

Interesting thread. 
 I'm 28 and have €62K of my own savings on deposit with Rabo and a €20K gift on deposit with the credit union. 
 I earn approx €60K pa  (approx €55k 2008, €42K 2007) and out of my net salary, just over 40% is saved. I don't own a car so that obviously helps.
 The vast majority of my peers do not save and many have built up quite significant debts  - personal loans and credit card debt. 
 Coming from Dublin, the norm IMO is to live at home until mid to late twenties (not necessarily a good thing). I only moved out last year. Most of my friends from outside the greater Dublin area have significantly larger debts than the Dubs due to the obvious higher living costs in the first few years of working in Dublin.
I have always been a saver and always will be.


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## burmo

I agree, thanks everyone for your responses. It seems there are a few savers out there in Ireland!

What has worried me in the past about some people (ages 26-40) that I care about, particularly those with origins from outside Ireland, is that they have nothing to their name. These people tend to be predominately women and have a pattern of living their lives from day to day, changing jobs and sometimes countries every few years and have maybe 2-5k in assets with no pension. It concerns me about their ability to live and provide for themselves in the times to come.


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## coin

Very similar to Appman above

I'm 24 on 40,000 euro a year gross and save usually 1k a month if not more. I own my 3yr old car and never taken a loan out in my life. I also have 30k saved up. My goal is to buy a house in the medium to long term when the bottom of the market will come around. It likely I'll have to take out a mortgage which I'm going to hate being in debt.

I drink very little and dont smoke. Most of my cash left over goes towards holdidays/ weekend aways and my girlfriend! 

It's easy to save that much as no drink would be a huge factor in the savings, I also had very little growing up which made me realise how important it is to be financially independent.


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## j26

I'm 38.  I didn't have a penny until I hit about 29 (apart from the house I'd bought at 25 on a borrowed deposit), and then it all seemed to just come together.  Some of you here have more saved than me, and I'm a decade older.  Having said that, kiddies are a huge financial drain, so if any of you young whippersnappers are thinking of setting up home and having kids, be aware your rate of savings will fall dramatically.


I don't regret "wasting" my twenties - many good times were had.  26 was actually a very good year for me (my bank manager at the time might differ )


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## Appman

pator said:


> Welcome along Appman .
> 
> (I am presuming it is paid for as 2500 - 3500 a year would be gobbled up by insurance for a 25yr old, tax, fuel and running costs)
> Good going also to have amassed 17K in the SSIA at only one year into your current job.


 
Yes Car was paid in full €4,200. Insurance was €730 this year. Its a 00 so soon 2B ten years old  May get it replaced but back my head "why fix it if ant broken" plus job security is Def not there. May well be getting boot in Feb (Q2 cuts) as alot team mates already gone. In IT and jobs going to India/Singapore. 

SSIA i was working part time all through college paying min €12.50 weekly some months and during summer doing full time i saved max and also bit more to see me through next semister. Was hard and hands up did get maybe 1-2K help from parents. But i never liked taking money from them. We were always working class family.


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## pator

Appman said:


> Yes Car was paid in full €4,200. Insurance was €730 this year. Its a 00 so soon 2B ten years old  May get it replaced but back my head "why fix it if ant broken" plus job security is Def not there. May well be getting boot in Feb (Q2 cuts) as alot team mates already gone. In IT and jobs going to India/Singapore.
> 
> SSIA i was working part time all through college paying min €12.50 weekly some months and during summer doing full time i saved max and also bit more to see me through next semister. Was hard and hands up did get maybe 1-2K help from parents. But i never liked taking money from them. We were always working class family.


 

Suppose what I am saying to the OP is that in asking what the average 26 year has in savings there is a huge amount of variables that need to be considered

- did/do you go to college
- did/do you pay rent if living at home
- do you rent somewhere to live
- do you have a mortgage
- do you pay your own health insurance
- did/do you pay bills if living at home, tv provider(eg sky anything from €21 -72 a month) , phone, esb, broadband, gas/home heating oil, repairs etc
- did any of your savings coming from parental/family/other help. 



Appman I am just saying you are one of the luck ones, at 25 years old

- you earn €30k a year for last three years
- you have €45k in savings
- you paid €4200 cash for a car without a loan
- you got €17k from the ssia despite the fact that you only contributed the minimum €12.50 weekly for some months each year ...

- and you did all this whilst attending college abroad with its associated costs

Obviously you have a disciplined and astute financial brain which is to be admired.


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## stevie

Protocol said:


> This is impressive. 105k saved, and aged under 30, very good.
> 
> Can I ask, is this purely out of your income, or were you gifted any cash, or inherit?
> 
> If we average that out over 6 yrs, *it's 1450 pm*. To keep up 1450 savings every month is disciplined.
> 
> NB: please note that the GAIE, gross average industrial earnings, was about 33k in 2007, but then the CSO stopped this data series.


 
Sorry for slow response to your question Protocol, wasn't online with a few days. That figure I quoted would be pretty much my own personal savings and any interest/ dividends from bank/ credit union accounts. I have not received any inheritance in my life thus far. To be fair my parents are very easy on me, I do my share of work around the house but am asked for little or nothing for electricty, bins, TV, license and the like. I do know and appreciate that other people my age have to contribute much more towards these bills and even pay rent if living at home with parents. I should have also mentioned that I did take a year out of college and work full time before my final year in college. What did seem to help bump up my savings big time was the government SSIA. Towards the end I was contributing the maximum possible.

Thanks for pointing out that the average industrial wage is somewhat out of date Protocal but even so I would be a bit sceptical of this figure as a measure in 2007.


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## stevie

burmo said:


> Stevie - A man after my own heart. Have a good life while looking after the pennies, get your house and not spend the rest of your life in debt paying for it.
> 
> I also had parents who showed me the value of money and they work very hard, and I had to earn my pocket money in the family business so I think that shaped my view on the value of it. But I had a good life, we had Sky and other trappings from an early age, and they paid for me in college so I could start work debt free.
> 
> I also got burned a little with equity funds but it was a cheap lesson in some respects and it could have had an extra 0 on the end. Same again, I take the time to try and get the best value for my money though guaranteed options only at the moment. I'm looking into things at the moment - did you see New Irelands 4.6% pa 2016 and the 4% pa 2014 guaranteed bonds? http://www.newireland.ie/NewIrelandAssurance/media/NIA-medialibrary/PDFs/Investments/Investments%20and%20Investment%20Risk/2014-Government-Bond-Fund-1-.pdf


 
Thanks burmo. I do think as you mention that people who had little when they were young appreciate the value of money much better alright. In general I do feel that people of our generation who are struggling to pay for the beemer, round the world trip or massive credit card bill are those who were handed everything on a plate in their youth. I do say in general though and do realise also that it can be a bad idea to generalise. Many people are sloppy with their money though and are just too plain lazy to shop around for even expensive items. I do think that the cheap, easy readily avialable money to all insundria is a thing of the past

Many people around the country and indeed further afield in the same boat regarding getting their fingers burned in the Equity Funds bruno if its any conselation to you. Around the same time as my SSIA was maturing the investment branches of the banks were making every effort to push these products as much as possible. 

Regarding myself and investing in Equity Funds its probably a case of once bitten, twice shy but I'm sure if you do your research and are careful in your investment decisions there is definately good money to be made in the future.

Not the most interesting reading but I will certainly have a look at the guarnteed bonds that you provide a link to burmo and much appreciated.


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## stevie

pator said:


> Wow - 28 years old with €105k in the bank and an investment of €34k, that is some going.
> 
> At €1450 a month (to reach 105 in six years) you are putting away circa 50% of your salary if on the average industrial wage of about €35k (ignoring the tax deduction thing) plus another €34k on top of all that.
> 
> No probs if you dont wish to say, but I presume you have/had an alternative source of income besides the day job.
> (just seems very little to survive on with living away from home for a period, own car, "few scoops" most weekends etc)
> 
> To the OP - After that I suppose it is a personal preference. Lots of sites seem to suggest having a rainy day fund of between 3 and 6 months of your salary. Rather than average in your question this concentrates on what you normally have and the lifestyle you are used to living so for me is a better measure. After that if one is young and enjoys travel I would say why not, if don't like travel but do like nice cars then why not. It is all personal preference.
> 
> Again some excellent advice on this site over the years would suggest that significant sums in a deposit account is not necessarily the best way to get the greatest return on your money, effects of inflation etc. Fair enough if saving for a particular purpose like a house, but again some advice would say that a mortage is the cheapest money you can get so why use your own. For example a lot of people on trackers now have interest rates of 1.65%/ 1.75% or 1.95%, ok they will go up but swings and roundabouts over the life of a mortgage.
> 
> Again fair play to anyone for amassing 139K at 28 years of age.


 
Just to clarify pator and as per Protocol's assumption the 105k figure I quoted includes the money which I have contributed to the Evergreen Fund. This encashment value of my Evergreen Fund is now 26k but I have invested 34k in it. So my savings would now total about 113k if the value of that particular investment had not gone up or down...hope that makes it a wee bit clearer. As I previously mentioned though I do not have any other income sources apart from the day job and the figure does not include inheritance/ gifts etc. I should have probably mentioned in my initial post that I did take a year out of college before my final year and was working full time during it which helped along the way also.

I do think it is a bad idea not to treat yourself from time to time. Take a holiday, upgrade the car, new plasma screen, whatever floats your boat. I know for me if I didn't treat myself once in a while it would just not be worth it. But you need not necessairly spend big on a constant basis to enjoy life either or absolutely have to have the best of everything. What really gets me is this idea of borrowing to the hilt and way beyond your means to buy such items. I see with many of my neighbours and some friends for example, its not good enough to make a sacrafice and have a rough driveway for a couple of years after building but it has to tarred before they move in and add to the debt of the already massive mortgage.


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## burmo

pator said:


> Suppose what I am saying to the OP is that in asking what the average 26 year has in savings there is a huge amount of variables that need to be considered
> 
> - did/do you go to college
> - did/do you pay rent if living at home
> - do you rent somewhere to live
> - do you have a mortgage
> - do you pay your own health insurance
> - did/do you pay bills if living at home, tv provider(eg sky anything from €21 -72 a month) , phone, esb, broadband, gas/home heating oil, repairs etc
> - did any of your savings coming from parental/family/other help.


 


> Thanks burmo. I do think as you mention that people who had little when they were young appreciate the value of money much better alright. In general I do feel that people of our generation who are struggling to pay for the beemer, round the world trip or massive credit card bill are those who were handed everything on a plate in their youth. I do say in general though and do realise also that it can be a bad idea to generalise. Many people are sloppy with their money though and are just too plain lazy to shop around for even expensive items. I do think that the cheap, easy readily avialable money to all insundria is a thing of the past


 

I know this is a generalisation but I have gotten some more first-hand opinions on this subject over the past two weeks from discussing this topic. I believe that in a large amount of cases that the amount of income someone has does not correlate positively with the amount of savings someone has. People seem to spend whatever they have and are not concerned and reckon they can always catch up in the future when they decide. Perhaps we have too many visible social safety nets?

I have met intelligent degree educated people who are too lazy to move their savings out of their current account, claim their rent relief, keep their receipts (or ask the pharmacy for a re-printout) to claim from VHI, change from ESB to save the 12% or as you said Stevie shop around for the better price for expensive items. 

The Savage Eye on the Irish owning property
http://www.rte.ie/player/#v=1061965http://www.rte.ie/player/p#v=1061965


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## pator

True it is a generalisation, once people are happy it is not for us to suggest they are doing something wrong by not changing to the cheapest provider of services.  For many people have savings is not the be all and end all, that is a personal choice (on the basis that they could if they wished).  Many people on this tread seem to have alot of savings at a young age - again that is a choice.   

Anyway as you say it is a generalisation and we are probably gone way off topic at this stage


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## Jess10

Age: 26
Full time job: 36k pa
Current Savings: 23k
New Car:         (50% loan & 50% savings)  20k
Holiday:           1 big holiday & numerous short breaks down the country on the weekends.
Education:  Just completed one course & looking for another.
Friends & Family (Plentiful supply of both)

I think its very reassuring that there are some people in their 20’s saving for their future. I've no time for those who have the opportunity to save and don't bother.  

Although I think it’s also very important to have the life experiences too, don’t stop your education, travel and adventure, family & friends just because you are saving. 

Save a regular amount every month BUT use half of the amount to better yourself. Do you honestly want to be doing the same job you are in now until you retire.  Or end up in later life with all that money just to kick the bucket (which may happen before you’re ready) and leave it for someone else’s enjoyment? 

It’s all about balance!


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## SillyBilly

Mmm... It does come down to different priorities and also, as regards the "age 26" thing - different stages of life. My 26 year old friends are mostly either still in full time education, travelling or settling down with weddings and babies. All very different priorities which require and enable different levels of saving.


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## tomfox3

what an interesting thread. I wonder how many people in their 20s are saving 1500euro  a month now? I was very surprised to read how many people on the thread are doing so well. I would guess that they are the 5% and the 95% in their 20s have no significant savings, some have no jobs, and some have huge debt.


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## burmo

Two years already gone since I asked that question...   

I think my knowledge gained in the last two years shows that it is even worse than I had thought... people (who have lots of disposable income) still are trying to fly so close to zero that the slightest hump in the road and they crash.


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## The Ghoul

I got my first proper job at 24 when I was still living at home and immediately started saving at least 50% of my net income. I'd say I had around 20k saved by age 26. Not a large sum but as my salary grew to somewhat above average, I increased my savings rate to ~70%. I took full advantage of the SSIA scheme along the way.

I had previously taken advantage of free college fees in my teens and early 20s. 

Now I'm 33 and as one would imagine I have a fair sum saved and no debt

I should say that I am living rent and mortgage free as I inherited a property so have been very fortunate. But even if I were paying rent I would still be saving a good amount.

The fact that there was a property for me to inherit is a direct result of the actions and attitudes of my grandparents and parents. I also attribute my savings rate to my parents and the values they gave me

Recently I've been reading excerpts from the book The Millionaire Next Door which, based on their income and resultant net worth, classes people as:
PAW (prodigious accumulator of wealth)
AAW (average accumulator of wealth)
UAW (under accumulator of wealth)

The materialistic, hedonistic, credit fuelled lifestyle that many feel that they are "supposed" to lead particularly in their twenties would put them firmly in the UAW category.

Something else I find interesting is Jacob Lund Fisker's earlyretirementextreme blog - a blog about people on fairly average incomes acquiring the means to retire early by being frugal, saving, investing, avoiding debt and not following the herd.


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## theTinker

The Ghoul said:


> Something else I find interesting is Jacob Lund Fisker's earlyretirementextreme blog - a blog about people on fairly average incomes acquiring the means to retire early by being frugal, saving, investing, avoiding debt and not following the herd.



Thanks for the link. most interesting and handy to have


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## The Ghoul

theTinker said:


> Thanks for the link. most interesting and handy to have


I see Jacob has now retired from his retirement i.e. has gotten a job! He has now "passed the baton" to Mr Money Mustache. 
http://www.mrmoneymustache.com/

Seems less extreme than Jacob's philosophy but is along the same lines. I have been doing lots of this stuff for years eg using basic hypermiling techniques when driving, doing weight training at home using my own (heavy duty) equipment rather than paying gym subs etc. These savings add up.

Even with all the doom and gloom at present about Eurogeddon, if someone can manage to live on 50% or less of their income and save the rest, they're not going to go too far wrong.


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## allenk

Enjoy your life while you are young! You never know what is around the corner.... 

I'm also 26 and I've been to 46 countries and up to 12 months ago I didn't have a cent to my name in savings. I have no regrets what so ever in spening all the money I had earned in travelling the world. Saying that I'm now living abroad and earning good money so I'm starting to save... 

Just a thought!!


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