Stuart Chalmers

The survey of 184 adults in Scotland found that almost two-thirds of respondents (65%) said the rising cost of living had impacted their ability to save money, while over a third (34%) have not been saving any of their income on a monthly basis.

The results also found that less than a quarter had been able to save more since the start of the pandemic in March 2020 (24%), however, a slightly higher proportion said they had been able to save about the same amount (29%).

When asked about their financial confidence, the cost of goods was highlighted as the most important factor, with over two-thirds of respondents in Scotland (69%) saying the cost of goods impacts their financial confidence. House prices (35%) and low interest rates (46%) were also cited as factors that influence this.

Stuart Chalmers, financial services lead for Accenture Scotland, said: “Like the rest of the UK, savers in Scotland are facing a uniquely challenging environment as we enter 2022. The rising cost of living is having a substantial impact on bank balances, meaning that while one in four Scots surveyed have been able to save more since the pandemic began, an even higher proportion have nothing left to set aside each month.”

Of the factors that were important to consumers in Scotland in deciding which products to invest in, ease of access was deemed the most important (78%) – with levels of return also a crucial factor (76%). A focus on ESG was considered less essential than most other factors. 37% said this was important.

When asked which sources of financial advice those in Scotland would trust, banks fell behind financial websites such as Money Saving Expert (67%) and friends and family (69%), with 56% of respondents in Scotland saying they would trust advice from their bank.

Stuart Chalmers continued: “The task of helping Scotland’s savers rediscover financial confidence following a tumultuous pandemic must go hand-in-hand with steps to renew trust in the advice provided by the financial services sector. While it’s clear that factors like ease of access and levels of return are what most customers look for, the fact that savers are turning for guidance to alternative sources like money advice websites and friends and family is significant. As Scotland’s financial services sector targets growth in 2022, there are clear opportunities for companies to prioritise the development of new ways to build financial confidence and improve savings habits.”