- £40.7 billion in under-utilised cash savings1 could be invested into fuelling UK economic growth
- It belongs to the UK’s one million ‘Self-Mades’ – who come from a low-income household, but who are now higher earners2
- Despite their high-income status, twice as many Self-Mades (28%) don’t invest at all in comparison to other high-income earners (15%)
- Santander calls on policymakers to embed financial education programmes within apprenticeship schemes and social mobility initiatives in order to improve the financial confidence of those from lower socio-economic backgrounds
An estimated £40.7 billion in savings could be unlocked and invested towards fuelling UK economic growth, according to new research by Santander UK in partnership with the Centre for Economics and Business Research (CEBR)3. The study reveals the staggering sum has been built by the ‘Self-Mades’: more than one million Brits who have risen from lower socio-economic backgrounds to join the top income brackets.
The Self-Made cohort - 14% of the country’s high-income earners - on average have almost £40,000 in cash reserves. Yet, many aren’t exploring their options around how to manage their money, owing to a lack of financial confidence.
Who are the Self-Mades?
According to the CEBR, the Self-Mades are individuals from modest beginnings who now sit among the UK’s top 20% of earners. Unlike many high earners who followed traditional academic routes, Self-Mades are nearly twice as likely as other high earners to leave school and head straight into the workforce or apprenticeships (44% vs 25%), and more likely to work in construction and skilled trades (17% vs 8%). While more than a third (35%) of those Self-Mades in white collar jobs say they are the first in their families to work in such professions.
Success doesn’t equal confidence
Despite having high incomes, more than one in four (28%) Self-Mades don’t invest any of their monthly earnings - nearly double the rate of other top earners (15%). And even among those who do invest, they typically put away just 11% of their income – well below the 17% average for their high-earning peers.
While almost half (47%) say they know investing is important, many say they don’t know where to start (22%). Nearly one in 10 (8%) of this cohort agreed with the statement “investing is not for people like me”.
Kitty McCormick, Head of Wealth at Santander UK said: “This is a story of unlocking potential. It’s more than just a missed opportunity for individual growth; bridging the investment gap among the Self-Mades through targeted financial education could inject billions into the UK economy, with benefits for communities and the wider economy. The Self-Mades have proved their earning potential. Now it’s time to back them with the tools, knowledge and confidence to make their income work harder for them.”
A conversation gap
The research shows that many Self-Mades didn’t grow up having conversations about money – only 52% grew up talking about money at home, compared to 74% of high earners in general – and fewer than half (45%) consider themselves financially savvy or financially literate, despite one in seven (13%) owning their own business.
Among the high earners who did discuss investing in their households, 80% believe it positively impacted their ability to invest.
This gap in early financial conversations highlights a potential barrier for those from lower socio-economic backgrounds when it comes to financial literacy and appetite to invest, placing this group at a disadvantage when it comes to building long-term wealth.
To close this gap, Santander is calling on the Government to embed financial education into apprenticeship schemes, to give people who are going through training – the future Self-Mades - the best chance for financial success. By capturing a younger audience, the Government can create significant long-term benefits and lifelong investment habits to support the Self-Made.
Santander offers a range of investment options to help customers achieve their own goals across mobile, online and in-person, including a free 30 minute chat with one of the bank’s Financial Planning Managers; access to the Investment Hub where customers can either choose from four ready-made funds that are designed to cater for various risk appetites or can pick from hundreds of funds themselves and invest from as little as £20 per month or £100 lump sum; as well as offering pensions via the Investment Hub for direct investment or transfers.
More information on investing with Santander can be found: https://www.santander.co.uk/personal/savings-and-investments/investments#sq3.
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Notes to Editors
Methodology
- The size of the Self-Made cohort was estimated using Opinium’s nationally representative sample of UK adults earning £52,000 or above per annum. This estimate was then multiplied by the average level of cash savings reported by respondents to calculate the total value of cash savings held within this group.
- Using HMRC income distribution data and uprating income in line with wage inflation, an annual income of £52,000 is estimated to place individuals within approximately the top fifth (20%) earners in the UK.
- Cebr was commissioned by Lansons and Santander to provide insight into high-earning individuals from lower socioeconomic backgrounds, or “Self-Mades”. The findings of this report are based on a survey conducted by Opinium between March and April 2025, comprising a sample of 2,000 individuals in the UK who sit within the top 20% of earnings.
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