Scots outscore UK average for savings levels

The average Scot has a savings pot of 28,340, compared to a UK average of 23,208 and second in size only to the savings built up by Londoners. Scots are also the most likely to have their money spread across different assets, according to the first HSBC Savings Map of Britain, published today.

Almost half of Scottish savings are held in a traditional deposit account, with 38 per cent in stocks and shares, 4 per cent in bonds and another 9 per cent in offset savings.

In contrast, the typical UK saver has 55 per cent in a deposit account, 32 per cent in equities, 9 per cent in bonds and the rest in an offset account. Scots are saving an average of 240 a month, equivalent to 7 per cent of total income and compared with a UK average of 232.

But Scottish savings habits are mixed. Fewer than one in three Scots puts money away on a regular basis, while 38 per cent spent more than they saved last year. Six in ten intend to save at least as much as they did in 2010, but the remainder are concerned about the impact of continued economic turbulence on their savings levels, with a quarter expecting to save less.

Richard Brown, head of savings at HSBC, said Scots had so far managed to weather the storm battering savers across the UK.

"They are now in one of the strongest positions of anywhere in Britain with large savings pots that will prove a comfort in case of any unforeseen expenses.

However, there is still room for improvement; with a tough outlook ahead for 2011 Scots can further improve their situation by increasing the regularity of their saving," said Brown.

Younger age groups in the UK are the most determined to save money this year, with more than half planning to boost their savings.

Worries over living costs mean savers over 55 are less optimistic, with a third expecting to save less this year and just 22 per cent intending to save more.