Scots living on financial edge with half having savings of less than £100

ALMOST half of working-age Scots have less than £100 in savings.

Research carried out by the Money Advice Service (MAS) found that most people across the UK have ‘worryingly low levels of savings’ – leaving them vulnerable to unexpected bills that may have serious consequences for their financial stability.

In Scotland, the survey discovered 48.4 per cent of those aged 16-64 had less than £100 extra cash available at any time.

MAS explained that nearly three-quarters of people experience at least one unforeseen expense per year, which presents a particular challenge for those on low incomes.

Workers in the South East of England have the healthiest savings accounts, with only 30.1 per cent having less than £100 at hand.

However, those living in Northern Ireland recorded the worst results in the survey, with 56.8 per cent having less than that amount.

Nick Hill, a money expert with the MAS, said: ‘These figures show the millions put at risk by the saving gaps in the UK.’