Some 37 per cent of Scots aged between 18-35 have less than £1,000 in savings.
New research from financial literacy platform Prograd suggests that half of people in Scotland aged 18-35 have absolutely no savings put away. A further 37 per cent of people aged between 18 and 35 have less than £1,000 in savings, meaning a combined 87 per cent of the population barely has more than two month’s worth of expenses in the bank.
He continued: ‘However, it's not all doom and gloom. Understanding these disparities is the first step towards change. Financial literacy is the key to unlocking brighter financial futures for the next generation. Together, we can bridge these gaps and empower our youth to make informed, financially sound decisions."
Overall, 96.2 per cent of young people in Scotland have less than £5000 stashed away. This slump in savings poses significant challenges for families' financial security and highlights the urgent need for financial literacy programs and policies to encourage saving and bolster economic resilience across the country.
Conversely, 43 per cent of men admitted to having no savings, with approximately 33 per cent having less than £1,000. Latest Personal Finance News The age group with the most savings is those aged 30-35. However, a staggering 67 per cent of respondents in this age group still have less than £1,000 in the bank.
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