How much money do you have in savings (in GBP)?
In the UK visa form, what does How much money do you have in savings (in GBP)? mean?
I have cash in hand, which is my savings. May I mention that I have property in the form of a building and land as my savings, and mention the value of these properties?
Best Answer
Savings is:
Saving is income not spent, or deferred consumption. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash.
Wikipedia
The gov.uk site provides a full list of supporting documents (PDF). In this file, under Section 2: other documents you may want to provide – all visitors it states:
Financial documents showing that you have sufficient funds available. These must clearly show that you have access to the funds, such as:
- bank statements
- building society book
- proof of earnings such as a letter from employer confirming employment details (start date of employment, salary, role, company contact details)
- where a third party (who is either in the UK or who will be legally in the UK at the time of your visit) is providing financial support to you e.g. a business, a friend or a relative, documents to show they have sufficient resources to support you in addition to themselves and any dependant family should be provided
So here we can see that a title or deed of property ownership is not considered proof of sufficient funds.
Therefore, one can safely assume that the same cannot be used as proof of savings, however it is good evidence of ties at home.
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How much money do you have in savings in GBP )? UK visa?
You must have at least \xa34,000 in your savings. Anything less than that can raise questions and lead to visa refusal. Again, UK Visas and Immigration does not specify what is acceptable in terms of funds.How much savings does the average person have UK?
In 2020, the average British adult had around \xa36,757 saved. Younger people have less in savings for many reasons like student loans, low salaries and high expenses, while the average amount in savings increases as people get closer to their retirement age.How much saving should I have UK?
Most experts recommend having at least three months' worth of salary in your savings, and some suggest it should be as much as six months' worth.How much should you have in the bank UK?
It recommends keeping between one week's and two weeks' take-home pay as the buffer. Translated to the UK, this would mean saving between roughly \xa3400 and \xa3800. An emergency fund should allow for between six and nine months of expense, it adds. If these were to come to \xa31,000 a month, that's between \xa36,000 and \xa39,000.100 People Reveal How Much Money They Have Saved | Keep it 100 | Cut
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Answer 2
Saving is income not spent, but put aside. Your cash in hand would more appropriately be unspent income. Savings would be what you move into a separate account, one that you don't use for daily/monthly expenses, but leave untouchedfor events such as travel, large purchases, or your future (e.g., school or retirement).
Your building and land are investments, not savings, and while they have value, they are not liquid, meaning they can't easily be converted into cash to cover travel related expenses. If you have rents paid to you from these, then it would be rental income.
If a question is asked on the visa application form which doesn't apply to you, then you can leave it blank, if permitted, or put in 'no' or n/a (not applicable).
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