Scots now saving more but struggling to juggle short- and long-term priorities –Scottish Widows

However, despite the overall increase in money being put aside, many Scottish savers are struggling to balance their short and long-term financial priorities – focusing too heavily on the near-term (21 per cent) rather than building up savings for their future (16 per cent) and risking a comfortable later life.

A quarter (26 per cent) confess that they aren’t saving anything at all, and fewer feel they are definitely saving enough to meet their long-term needs than two years ago (22 per cent compared to 29 per cent).

Scottish women in particular are not saving as much as they did two years ago, with almost half (46 per cent) putting less money away, compared to 39 per cent of men.

Last year, women in Scotland on average saved almost £900 less than their male counterparts. A similar number (45 per cent) worry that they are not saving enough to meet their long-term needs – compared to a third (36 per cent) of men.

Against a backdrop of low interest rates and high inflation, a quarter (24 per cent) of women blame increasing day-to-day living costs for their inability to save more money. A similar proportion (22 per cent) feel they have less disposable income now than they did last year, which is having a knock-on effect on their ability to save.

Acutely aware of their need to build their savings for the future, the study found that women are taking action to address this shortfall and build up their savings for the future. Almost three quarters (71 per cent) of women in Scotland said they have put away money in the last 12 months, compared to 63 per cent of men and a national average of 66 per cent.

However, despite their concerns about the long-term, 31 per cent of women admit they are only motivated to save when they have a specific goal in sight.

In contrast to women’s long-term financial concerns, men in Scotland appear to be more focused on short-term saving priorities with more than one in ten (12 per cent) preferring to put aside money for the short-term rather than the long-term. Despite today’s workers facing a longer period of retirement, almost a fifth (17 per cent) don’t believe they have anything to save for in the distant future.

David Lascelles, savings expert at Scottish Widows, said: “While it’s great that more people in Scotland are putting money away for the future, a significant proportion still aren’t saving anything at all. Clearly more needs to be done to help people in Scotland engage with saving to build a secure future for themselves. We must also encourage people to think beyond the immediate term, and see retirement saving as a priority too. It’s vital that more tailored support is given to help both men and women to understand the importance of saving for the long-term.”