Sizeable shift in Scots’ attitude to saving
The Scottish Friendly Family Finance Tracker, which provides a comprehensive examination of the savings and investment habits of adults across the UK, shows almost a third (31%) of Scots are putting away more money now than they were two years ago.
The research into the habits of 2,600 UK adults, conducted by the Centre for Economics and Business Research (Cebr) on behalf of Scottish Friendly, shows what the modern mutual describes as a ‘sizeable shift’ in attitude to saving.
Of the 31% of Scots who are now saving more, 36% said it was because they are now more aware of the importance of saving than they were two years ago, compared to 25% when looking at the responses for the UK as a whole.
The contrast between Scotland and the UK as a whole extends to the reasons behind the ability to save more. Whereas UK-wide, people say they are saving more now than they did two years ago because they are earning more (43%), for Scotland that drops to 34% citing higher earnings as their reason.
Meanwhile for 16% of Scots, they cite making fewer debt repayments now (compared to 12% for the UK as a whole) for their reason for saving more now.
In addition, Scots, it seems, have taken the lessons of recent economic volatility to heart. Of those who said they were saving more now than they were two years ago, 31% said it was because economic conditions have encouraged them to be more cautious (compared to 28% for the UK as a whole).
Kevin Brown, savings specialist at Scottish Friendly, says of the findings: “The uncertainty of the last few years has hit people in so many different ways. Many families are still reeling from the impact, and likely will for some considerable time to come. However, the 2024 Family Finance Tracker shows that there has at least been one positive knock-on effect as we see an increased awareness and importance of ensuring your family has a financial buffer in place.
“Rainy day funds are a great starting point for increasing financial resilience, enabling you and your family to weather financial knocks. We hope for everyone’s sake that relief from the cost of living squeeze comes quickly. What it has done is show just how important it is to have a financial safety net for short-term needs, as well, of course, for medium- and long-term needs.”
For interview requests and photos, please contact Joe Danbury in the first instance.
Contacts details:
Joe Danbury
07471350286
Notes to Editor:
The research was conducted by the Centre for Economics and Business Research (Cebr) and 3Gem. Comprised 2,600 UK adults aged between 18 years and 65+. Short-term financial goals were described to participants as being goals up to 6 months ahead, medium-term as being between 6 months to 5 years ahead, and long-term as 5+ years ahead.
The questions pertinent to this announcement are pasted in below.
Q1. To what extent has your saving behaviour changed over the past two years? By ‘saving’ we mean putting money aside in a savings account/building society account/Cash ISA (NOT stocks and shares ISA)/NS&I savings products. Please do not include pensions.
About Scottish Friendly
Scottish Friendly is a leading UK mutual life and investments organisation. It provides investors and their families with a wide range of investment and protection solutions and provides life and investment products and services to other financial organisations.
Scottish Friendly has roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 when it took over Scottish Friendly Assurance.
The Group has flourished through a three-part growth strategy of organic growth, mergers and acquisitions, and business process outsourcing.
Scottish Friendly, Galbraith House, 16 Blythswood Square, Glasgow, G2 4HJ
Scottish Friendly Assurance Society Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority.
Disclaimer
Remember that the value of investments can go down as well as up and you could get back less than you paid in.
Past performance is no guide to future results. Tax treatment depends on individual circumstances which can change in the future.