Savings are for travels, not kids

More older people in Scotland are saving money to go travelling than leave it for their family, according to new research.

Last year, Bank of Scotland (BoS) found one in four Scots aged over 55 aspired to travel around the world in the next five years.

The bank’s latest How Scotland Lives research has revealed that half of Scots over 55 are saving to go travelling in the next one to two years.

Nearly one-third (28%) of over-55s are saving to go travelling, compared to just 13% who are doing so in the short term to leave money for their family.

Only 2% of Scots aged 45 to 54 are saving in the short term to leave money behind for their family.

As well as travel, older Scots are saving to treat themselves. Nearly two in five (37%) over-55s are saving for a specific purchase.

Fewer than onethird of older Scots are saving to help out a family member should they need it – and only one in 10 are doing so to help pay for an event, such as a family wedding. Three in five Scots (59%) are putting some money away for an emergency, and they are five times more likely to plan for a rainy day than saving directly to pass money to their family as part of an inheritance.

BoS director Mike Moran said: “Getting into the habit of saving a little each month can make the difference when it comes to treating yourself as you approach retirement, but it’s good to see older Scots are also focused on keeping money back for a rainy day.”

“It’s good to seeolder Scots saving for a rainyday”