Third of Scots would survive a month if unemployed

ONE in three Scots would be unable to survive on their savings for longer than a month if they were to become unemployed, according to a study.

Analysis by YouGov suggests that 30 per cent of those in work would struggle if they were to lose their job, an increase of two on last year.

More than half (57 per cent) said they would survive for less than six months.

The West of Scotland was found to be the region with the highest number of people that said their savings would not last beyond a month, whereas the Highlands and Islands represented the lowest proportion.

The research involved 3039 interviews with a nationally representative sample of adults aged 18 and over living in Scotland.

The findings did, however, indicate that more Scots are saving regularly for either short-term or long-term needs.

Young people were the largest demographic reported to be saving, with 78 per cent of 18-to-24-year-olds putting money away. The figure was 65 per cent for over-55s.

Of those surveyed, 60 per cent said that their savings are for either an emergency or as a rainy day fund, with 42 per cent saving to fund travel and 21 per cent saving to help family members.

The most common reason given by those saving for the long term is to provide them with a more secure future (47 per cent).

Ricky Diggins, network director of Bank of Scotland, said: “Young Scots are now amongst the most active savers, with over three quarters putting money aside regularly.

“Whilst this obviously bodes well for the future, it’s clear that more still needs to be done to ensure that people’s longer-term savings needs are being met.”