Low income families have just £95 in their savings and investments compared to £62,885 among high income families, according to research by Aviva.
The news highlights growing inequality in the UK as the savings gap grows by 25 per cent annually, up from £50,072 last year to £62,790 in winter 2016/17.
Around one in four UK families are thought to be classed as low income, with earnings of less than £1,501 a month, while about 8 per cent earn £5,001 a month or more, putting them in the high income classification.
UK families have taken a hit across the board, with overall savings falling to the lowest level in 18 months, and home ownership at 64 per cent, a 4-year low.
Meanwhile the average amount held in savings has fallen from £4,426 to £3,134, the lowest level since summer 2015.
Increased financial pressure from stalling wages combined with inflation fears are thought to account for the overall decline. The average monthly family income has fallen to £2,006, a two-year low.
Home ownership is also declining, with 64 per cent of all families owning their own home, the smallest amount in 4 years.
Only 41 per cent of low income families are homeowners, compared to 90 per cent of high earners.
Paul Brencher, managing director of individual protection at Aviva UK, said: “Britain’s broken housing market means becoming a homeowner is a distant dream for many families and government plans must swiftly be turned into action to stem the tide of inequality.”
However he also warned that families needed to take action themselves to bolster their savings.
“Poor returns on savings and rising inflation means families could well see their safety net eroded if they don’t keep up regular contributions and try to boost savings pots whenever possible.”