The average ISA value in Scotland is £24,972, compared to the UK average of £26,781. 

The research also found that there are 1.66 million ISA savers in Scotland. A total of 646,000 have less than £2,500 in their ISA but 253,000 have saved more than £50,000.

NFU Mutual also found that Scottish savers more than twice as likely to use Cash ISAs than Stocks and Shares ISAs.

However, Scottish savers do have more stashed away on average than their Welsh (£23,016) and Northern Irish (£20,765) counterparts.

Stephen Rankine, NFU Mutual financial adviser based in Aberdeenshire, said: “Putting money into an ISA is one of the simplest things you can do to help protect any returns from the taxman, whether saving for yourself or a child. They can be particularly valuable for anyone aged 18 to 40 saving for a house deposit, because savers can get up to an additional £1,000 from the Government each tax year when using a Lifetime ISA.

“If you have savings and investments but don’t use your ISA allowance, you could be losing out.”

According to the latest data available, Scottish savers are more than twice as likely to pay into Cash ISAs than Stocks and Shares ISAs. However, almost six in 10 ISA holders in Scotland did not pay into their ISAs in the 2017/18 tax year.