24 Oct 2019

A worrying number of Scots don't have any emergency savings

A worrying number of Scots don't have any emergency savings

A worrying number of Scots could quickly find themselves in big financial trouble if they lost their jobs.

New research by Bank of Scotland found that 9% of adults have no personal savings to fall back on.

A further 19% wouldn't survive more than a month if they were to suddenly find themselves out of work and 29% would only be able to live off their current savings for up to six months. 

Yet, while knowing they may be caught short of cash, 16% do not plan their personal finances at all.

The bank also found that 34% of adults in Scotland say they do not save.

Just under half of over-55s are confident in their ability to manage their money. 

But it is not all bad news.

Most dedicated savers

The 18-24 age group were revealed to be the most dedicated savers.

Just over 80% are currently saving - with a deposit for a new home or putting money aside for a rainy day being the main reasons.

Ricky Diggins, a 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."

Regional facts

Some interesting Scottish regional facts the research uncovered:

  • Most people are saving in the north-east (70%), west Scotland (68%) and central Scotland (68%).
  • South Scotland has the highest percentage of those not saving money at 40%. Lothians is next worst at 36%.
  • People in the north-east feel they are managing their finances well (41%), followed by Highlands & Islands (40%), west Scotland (40%) and Glasgow (39%). This compares to just 33% in both south Scotland and central Scotland.
  • Lothians was worst when it came to people not planning their finances at 19%, followed by Glasgow on 18% and the north-east with 17%.

Get expert advice

The best way to ensure future financial stability is to start saving as soon as possible. If you really want your money to grow, you need to think seriously about where you put it.

Aberdein Considine's financial advisers can help advise you on the best ways to save for you and your family's future.

If you would like to speak to one of the advisers about a savings plan, click here.

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