The typical household in in the UK has £233,104 in savings, according to a new index soon to be launched by the Tax Incentivised Savings Association (Tisa).
The index, which has been put together with KPMG, is based on Tisa's analysis of data published by the Office of National Statistics.
It showed the typical household had £5,300 in rainy day savings, £4,100 in "sunny day" savings, which were put aside for a longer timeframe, and £700 of personal debt.
But these figures were dwarfed by the amounts of money the typical household held in pensions and property, net of mortgage, which were £75,800 and £148,500 respectively.
Adrian Boulding, policy strategy director at Tisa, said the index would be published twice a year to measure how savings are fluctuating in Britain.
He said: "Over the last four years savings have gone up, by a mixture of appreciation and putting more into the pot, by 6 per cent.
"If we could continue that route then by 2040 the typical household in Great Britain would have savings of £1m. At least half of us would be leaving on Millionaire's Row."
Mr Boulding added that the data, which would be made available to financial services firms on a subscription basis, would allow individuals to be compared against their peer group.
For example, he highlighted the typical savings for households in London where the main earner was aged between 45 and 54-years-old was £260,643.
He said this would allow people to find out whether they were lagging behind their peer group and whether they should increase how much they are saving but he warned there could be adverse psychological impacts on consumers.
Mr Boulding said: "If the gap is closeable they will tend to save more but if they are a long way behind then they will give up completely."
He acknowledged that including housing wealth in the index could be seen as controversial given that consumers could not easily draw on this without making themselves homeless, but he said the decision was based on Tisa's research.
Mr Boulding said: "It was decided because of the work we did at Tisa last year looking at how people regard their house.
"When we go out on the street and we talk to consumers they think their house is part of their savings.
"We know from survey data that a lot of people think they when they get to retirement they will consume some of it, either in terms of downsizing or taking out an equity release plan."
He said Tisa would be publishing more data at the full launch of the savings index shortly.
damian.fantato@ft.com
