A THIRD of Scots have revealed that they do not save regularly and 16% of them do not plan their finances in advance, according to new research.

The analysis is part of Bank of Scotland’s How Scotland Lives study, which looks at the issues which people face in today’s modern world, including insight on their lives, their attitudes and the daily pressures they come under.

It also showed that one in five Scots (19%) would not be able to survive for a month on what they currently have set aside if they suddenly lost their job.

Conducted in partnership with polling company YouGov, the survey also found that almost one in 10 (9%) of Scottish adults have no personal savings to fall back on should they lost their employment.

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A further 29% would only be able to live off their current savings for up to six months, according to the data, yet even while knowing they could be caught short of cash, 16% do not plan their personal finances at all.

Youngsters take the lead in saving with the 18-24 group the most dedicated at putting money aside for various reasons.

More than four in five (81%) are currently saving, with a deposit for a new home or a rainy day – being their main reasons for doing so.

However, one in five (21%) confesses to struggling when it comes to managing their money, and 18% do not plan their finances at all.

Just under half (47%) of people over the age of 55 say they are confident in their ability to manage their money.

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A regional breakdown shows the geographical spread of active Scottish savers, with those in North East Scotland topping the list at 70%, followed by the West of Scotland and Central Scotland both on 68%.

People in the north-east of the country are also likely to report that they are managing their finances well (41%), in contrast to just 29% of Glaswegians.

Yet, despite the apparent financial shrewdness of those in the north-east of Scotland, approaching a third (30%) of them say they are not saving any money, while two in five people are failing to save in the south of Scotland (40%) and the Lothians (36%).

And those in the Lothians are also identified as the most at risk were they to lose their job, with just under a quarter (24%) confessing that they could only survive for a month on any current savings that they have.

Putting cash aside for a rainy day topped the list of reasons why Scots save (81%), with other reasons including helping their family (60%), in case they lose their job (50%), and saving for the deposit on a house (47%).

Bank of Scotland directors, Ricky Diggins, said: “Saving for the future can feel like a major challenge, especially with other financial pressures such as rent and bills taking priority.

“The truth of the matter is even small savings can really add up, and when done regularly over a long period of time it can result in a significant sum.

“There are tools and accounts available to make saving easier and simple saving tricks will help set yourself up for the future.”