SCOTS are the biggest savers and investors in the UK, according to a new study.
The research, by Investec Wealth & Investment, reveals that people in Scotland typically invest £4, 980 per year – more than those living in London and the south-east of England.
Despite a high cost of living, Scots also spend over £100 per month more than the national average.
The study, which looked into spending and investing habits, found that Scots typically invest £4,980 per year.
In London and the South East, the average amount was £4,944.
People living in Wales and the south-west of England invested the least, at £3,144 per year on average.
The study also found that Scotland has the second highest cost of living in the UK, with London and the south-east the most expensive places to be resident.
An average of £25,423 per year is spent by Scots – over £100 a month more than the national average of £24,154.
Day-to-day living, which accounts for 29% or £5,952 per year, is the biggest expense.
Housing costs come a close second at £4,056 per year and transport is also a significant expense at £2,064.
The cost of living was highest for people aged over 50, at an average £27,231 per year- almost £3,800 higher than the national average.
Murray Mackay, executive director of Investec’s Edinburgh Wealth and Investment office, said: “Despite facing some of the highest living costs in the UK, Scots are managing their budgets very effectively and it is interesting to see that they are saving more money per month than anywhere else in Britain.
“The research also found that the cost of living peaks at 50. As today’s 50 year olds can expect to live for around another 30 years this poses additional challenges as savings will need to last a significant period of time and money must be carefully managed. It is crucial therefore that people put in place effective, long-term financial plans as early as possible to cater for the rollercoaster costs of life.”
Investec Wealth & Investment is part of the Investec group, which offers wealth management and investment services to UK based and international individuals, charities, trusts, and financial advisers.
In the UK, the company is authorised and regulated by the Financial Conduct Authority (FCA).