UK Wealth by Age: Median Household Net Worth

The detail

Household wealth follows a clear life-cycle pattern: people accumulate property, pensions and savings through their working lives, peak around retirement, then draw down. The ONS Wealth and Assets Survey (April 2020 to March 2022) shows median household total net wealth by age of the household head rising from £15,200 (16-24) to £109,800 (25-34), £209,600 (35-44), £301,900 (45-54), £496,500 (55-64) and a peak of £502,500 (65-74), before falling to £373,100 for those aged 75 and over.

ONS says the wealthiest households were those with a head around State Pension age, retired, or owning their home outright, and that median wealth was 33 times higher for a head aged 65-74 than for one aged 16-24. The step from £109,800 at 25-34 to £496,500 at 55-64 - about four and a half times - reflects two things ONS points to: older households "typically have more years of active contributions to a private pension than younger age groups", and property wealth builds late, with the average age of first-time buyers in England at 34 (ONS adds that households with a head aged 16 to 24 often have very little property wealth). Both property and pensions are largely illiquid, which is why younger households can look asset-poor even on a good salary.

ONS notes that after State Pension age household wealth often starts to decline as pension wealth is used in retirement. The 65-74 peak of £502,500 is more than four times the 25-34 median of £109,800.

A caveat on the data: ONS has suspended the accreditation of the Wealth and Assets Survey from Round 8 (the 2020-2022 period used here) onwards while it works to improve quality, so treat the age-band figures as indicative. For the overall picture and how wealth compares with income, see our average net worth and average savings pages.