The research, now in its third year, found 21 per cent of people have not put any money away, up from 18 per cent a year earlier.
The How Scotland Lives study also found 38 per cent of Scots have savings of less than £2,500.
The Bank of Scotland research polled more than 2,000 people across Scotland in December last year.
Of those who are saving, more than one in 10 are just saving towards a short-term goal, such as a holiday, while the same proportion are saving only for the long-term. Over a third say they are saving for both.
The research also found people in Glasgow are saving the least, with 27 per cent saying they do not have any savings to their name.