IT’S the truth we learn from our parents and one of those lessons most of us forget.

Summed up in that old Scots phrase ‘many a mickle maks a muckle’, the lesson is that saving small amounts can lead to you eventually having a large amount.

Now new research from Scottish Friendly has revealed that the people of Dundee are the most assiduous savers in the land, putting away cash each month as savings, no doubt for a rainy day and Scotland has plenty of those.

The survey found that 62% of households in Dundee save at least once a month, higher than the national average.

The City of Discovery is ahead of the other three major Scottish cities with large populations as this figure drops to 60% in Glasgow, followed by 58% in Edinburgh and Aberdeen

Scottish Friendly’s latest Cost of Cash ISA report reveals that Scots are regular monthly savers more than the rest of the UK - but not by much, as the national average for Scotland is 60%) with the UK average at 59%

Scottish Friendly stated: “The most popular savings vehicle for regular monthly saving among Scots is a bank or building society savings account (37%), followed by a pension (35%) and a bank or building society current account (18%).

“In Dundee specifically, almost half of people (48%) save into bank or building society savings account each month and 38% put money towards a pension.

“Respondents in Dundee are marginally more optimistic about their finances with nearly a third (32%) saying they think they will be better off in 12 months’ time, compared to an average of 31% for the whole of Scotland.

“However, more than six in ten (62%) Dundonians are concerned about how leaving the EU will affect their family’s finances, which is slightly lower than the national average for Scotland (66%).”

The reseach found that current political and economic uncertainty is also influencing Scots’ perceptions when it comes to saving and investing, with over half, some 53%, stating that their view of the situation makes them less likely to invest in the stock market.

Scottish Friendly’s Cost of Cash ISA report surveyed 4,000 UK adults and was representative by age, region and gender. The research was conducted by 3GEM Research in February 2019.

One of the survey’s most remarkable findings is that despite all that bank advertising and Government encouragement, only 15% of Scots say they have ever saved into an investment (stocks and shares) ISA and just 7% do so on a regular monthly basis.

According to Scottish Friendly, this represents a stark contrast to cash ISAs which 39% of Scots have put money into and more than one in five (22%) do so each month.

Kevin Brown, savings specialist at Scottish Friendly, says: “It’s really positive to see so many people across Scotland making regular monthly savings as this could be an effective way to build up a pot of cash quickly and sustainably.

“Households are clearly wary of what impact the political and economic headwinds facing the UK may have on their own finances. Holding some of your money in a cash account, such as a bank or building society savings account or a cash ISA could be a sensible option as this provides security and flexibility to pay for unforeseen bills or emergencies.

“However, if you are saving for a long-term goal such as retirement or to buy a home in five to ten years then stocks and shares ISAs could offer the potential for more lucrative returns.

“Finding the right balance between the two will depend on your own personal circumstances and your appetite for risk, but people shouldn’t be put off investing. Even if they only have a relatively small amount to save each month the cumulative effect can make a significant difference over an extended period.”

The National feels duty bound to issue the usual warning – the value of investments can go down as well as up and you could get back less than you paid in.