Scots have average of £12,500 in savings, study reveals

A fifth of Scots have no savings, a bank survey has found
A fifth of Scots have no savings, a bank survey has found

Whether saving for home renovations, for a holiday or for their children’s futures, the amount that Britons have tucked away differs vastly throughout the country; from less than £2,000 to more than £13,000, on average.

Research was carried out by www.VoucherCodesPro.co.uk as part of an ongoing study into Britons’ finances.

2,313 Britons aged 18 and over, all of whom stated that they had savings, were quizzed about how much they had set aside and what they were saving for.

Initially, all respondents were asked ‘What’s your preferred method of storing your savings?’ to which the most common responses were ‘in a separate savings account’ (37%) and ‘tied up in ISAs’ (29%), whilst a further 18% admitted that they keep their savings as cash in their home.

All respondents were asked to state how much they estimated that they currently had in savings and which region of the UK they were based in, in a bid to determine regional averages. Once all responses were collated, the average amount in savings per person in each region of the UK was revealed to be as follows:

South West – £13,500

Scotland – £12,500

West Midlands – £9,900

East of England – £9,150

Yorkshire & Humberside – £7,800

East Midlands – £7,600

South East –£6,450

North West – £5,000

London – £5,000

Northern Ireland – £4,350

North East – £2,100

Wales – £1,700

According to the poll, when asked what they were mostly saving for, the top responses were ‘for home renovations’ (19%), ‘for a rainy day’ (18%), ‘for a holiday’ (15%) and ‘for my children’s/grandchildren’s future’ (12%).

Furthermore, when asked if they ever found themselves dipping into their savings, a third of respondents, 34%, stated that ‘yes’ they did. When asked what they typically used the borrowed money for, the top responses were ‘social events with friends and family’ (25%) and ‘to get through the month as I’d spent more than I should have’ (18%).

George Charles, spokesperson for www.VoucherCodesPro.co.uk, commented on the findings:

“Whilst some are more fortunate than others and can afford to have a healthier savings pot, we’d recommend that everyone makes a point of saving even a small amount from their wages each month. Having something put by to help if anything goes wrong around the house or with the car can really put your mind at rest. It’s always the unexpected costs that leave people short and struggling to get through the month, and savings can put an end to that. You can also go on to enjoy your money more; fancier holidays, a nicer home and so on – the possibilities are endless.”