And finally…sixty and saving for some sand, sea or sunshine

They may be nearing retirement - or already there - but Bank of Scotland’s new How Scotland Lives research has revealed that that of those Scots saving for the short term to go travelling (44 per cent), more are aged 55 and over than any other age group (50 per cent).

Even with those 50-64 year olds saving for the long term - viewed as six to ten years - there are more in this age group saving for another trip (30 per cent) than there are saving to leave money to their family as inheritance (17 per cent). Mid-Scotland has the highest proportion of people saving short term towards travelling (51 per cent), closely followed by Aberdeen (50 per cent) and South Scotland (48 per cent).

It may not be the most exciting of reasons, but the majority (57 per cent) of Scots saving for the short term are doing so for emergencies or that ‘rainy day’, a priority which is seen across all age groups. More 45-54 year olds (63 per cent) and Aberdonians (66 per cent) add to this ‘just in case’ pot than anyone else.

With most 18-24 year olds group seeing short term savings as being for less than a year, it’s little surprise that, other than emergencies, they save for specific purchases or presents (47 per cent) and travel (46 per cent). Just over a quarter (28 per cent) of this group of savers are putting money aside to provide themselves with a more secure future in the short term.

Of those Scots saving for the long term, providing a more secure future was the main reason for doing so (55 per cent), closely followed by the desire to provide a more comfortable retirement (47 per cent). It’s understandable that a higher proportion of 45-54 year olds (62 per cent for both) see these points as their savings priorities, making the most of building their nest eggs while they can.

Saving for those emergencies or a rainy day is still seen as an important long-term goal for Scots as it sits joint second place (47 per cent) along with providing a more comfortable retirement. However looking across the age groups, it’s no longer the priority for all as we saw with short-term savers.

Unsurprisingly, more than half (54 per cent) of 18-24 year old long term savers are putting money away for a house or deposit, compared to 30 per cent for emergencies.

Philip Robinson, director of savings at Bank of Scotland, said: “It’s a great feeling to have something to save up for and look forward to, such as a holiday or the latest gadget. You’re never too young - or old - to get in to the savings habit and you don’t necessarily need to take a big chunk out of your monthly income. Putting aside just £1.50 a day will soon add up to £45 a month or nearly £550 over the year and is a small enough amount not to affect your daily living, but enough to help you achieve a goal.”