Bank reveals Scottish savings study shock

IT SEEMS as if we’re not doing too well when it comes to putting away some money for a rainy day. Research from Bank of Scotland suggests that just over one third of Scots don’t save any money at all and this rises to as much as forty percent in the south of the country. The lowest percentage of non-savers live in the north-east, where only 30 per cent don’t save anything and where 41 per cent of those questioned reckon that they feel as though they are doing a good job of managing their money. The bank’s analysis was part of its How Scotland Lives study, which was conducted in partnership with YouGov and which found that just under 10 per cent of Scots have no savings at all to fall back on if they were to lose their jobs. While nearly 30 per cent would only be able to survive on their current levels of savings for six months. The younger generation were revealed to be the most dedicated savers with 18 to 24-year-olds leading the way. More than 80 per cent of this age group are currently saving and it seems that a deposit for a new home or saving for a rainy day are amongst the main reasons for doing so. However, even with this savings-savvy group, one in five confess to struggling when it comes to managing their money and 18 per cent do not plan their finances at all.

At the other end of the age range, just under half of over-55s are confident in their ability to manage their money.

Ricky Diggins, director at Bank of Scotland said: “Saving for the future can feel like a major challenge, especially with other financial pressures such as rent and bills taking priority.

“The truth of the matter is even small savings can really add up and when done regularly over a long period of time, it can result in a significant sum.

“There are tools and accounts available to make saving easier and simple saving tricks will help set yourself up for the future.”