According to the data, there are 1.4 million Scottish adults with ISAs with an average holding of £29,861, higher than all other countries in UK. However, fewer of them use the tax-efficient saving scheme.

This is the highest average amount in the UK and increased nearly £5,000 from the year before when Scottish savers had just under £25,000 in their ISAs.

However, just 31.5% of adults in Scotland hold an ISA, a lower rate than England, Wales, and the UK average.

Sean McCann, chartered financial planner at financial advisers NFU Mutual, 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.

“It’s encouraging that Scottish savers are using their allowances more than the rest of the UK. If you have savings and investments but don’t use your £20,000 ISA allowance, you could be losing out.”