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Shetland savers 'best in Scotland'

24 February 2006
Savers in the Shetlands save more than people in any other area of Scotland, according to new research.

On average, residents in the Shetlands saved £8,587, which is equivalent to 46 per cent of the average local earnings of £18,704.

Next best when it came to Scottish saving was Moray, the Orkney Islands and the Highlands, research undertaken by the Bank of Scotland revealed.

West Lothian savers put away the least amount of money as a proportion to their earnings in Scotland.

Glasgow, north Lanarkshire and Midlothian residents were also bad at saving their finances.

Peter Jackson, Bank of Scotland head of savings, said: "The north of Scotland leads the way when it comes to savings balances compared to average earnings, while west Lothian has the lowest average savings balance as a percentage of earnings.

He continued: "The recent Pensions Commission report emphasises the importance that people need to attach to planning to ensure that they have sufficient income in retirement. Savings play a key part in that planning process."

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