Scottish households 'not saving enough'

A new study has identified worryingly low levels of short-term saving among Scottish consumers.

Research conducted by independent pensions expert Stewart Ritchie, on behalf of Aegon, indicates that 42 per cent of households in the country have no savings or investments at all.

The trend even extends to many higher income homes, with 23 per cent of those earning over £30,000 a year putting nothing away for the future.

Grampian households tend to be those getting the most out of savings, the study indicated, while those in North Lanarkshire and Glasgow are least likely to save.

Stewart Ritchie said it is "time to return to the traditional Scottish values of thrift and prudence".

"Scots haven't been putting away enough money in the good years and there's a clear evidence of a worrying lack of 'rainy day' savings," he added.

Richard Saunders, chief executive of the Investment Management Association, recently urged the government to deliver a clear message about the benefits of long-term saving.

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2009-11-04 11:46:12 © Moneyextra.com