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Money; Scots fail to look to future.

Byline: DONNA WATSON

A STAGGERING amount of Scots have admitted they don't have any savings.

Nearly a third - 31 per cent - have nothing put away for a rainy day. And only 38 per cent save regularly.

But one in 10 saves money throughout the year to pay for Christmas.

However, 89 per cent believe it is important to save regularly.

The average amount put away by Scots each month is pounds 225.60, according to a Lloyds TSB report.

Almost half those polled thought their savings will improve in the coming months.

A quarter thought they might fall.

Rocketing property prices are one major factor influencing how Scots spend or save their money.

Eight per said the rising cost of homes has encouraged them to save more.

Head of Lloyds TSB Savings Diann Hartnell said: "Despite their optimism that their savings will grow, 26 per cent of people recorded a drop in savings over the last six months.

"With so many demands on people's time and money, it's not surprising they are finding it difficult to organise their savings.

"However, it's important for people to save - whether it be for a rainy day or to ensure they can afford what they want in life, such as holidays or a house or car."

Other research published yesterday revealed how people are saving for short-term fun such as Christmas rather than long- term stability.

One in 10 puts away a sum every week to pay for Christmas but only six per cent are building up cash for their retirement, according to the Halifax Sharebuilder Index.
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Publication:Daily Record (Glasgow, Scotland)
Date:Nov 29, 2002
Words:263
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