One in four Scots saving for a holiday

One in four Scots saving for a holiday

Savers in Scotland are more likely to be saving to get away than other savers across the UK, according to the Royal Bank of Scotland’s new Savings Index.

Economic Analysis

27 August 2019

Just over one in four Scots set a goal of saving towards a holiday making it the most popular goal in Scotland. The opposite is true in London, where people are least likely to be saving for a holiday, with only one in six looking to get away. The top goal across the South of England is saving for a home.

Across the UK overall, one in five are putting money aside for a holiday with an average goal of £2,700 over an eight month time period.

The top UK goal is saving towards home with a target to save almost £1,000 a month towards home with the average target £13,100 over 15 months.

Just over one in seven are saving for a rainy day, setting a target of £5,500 over 11 months.

Allan Hardie, Head of Savings at Royal Bank of Scotland said: “Our Savings Goal tool is proving extremely popular. It’s designed to help customers save more and achieve their goals.”

David Coe, CEO of the Fairbanking Foundation said: “Mobile Banking makes saving easier than ever because you can create a goal, set up automatic monthly saving and track progress in just a few clicks. We welcome Royal Bank of Scotland’s Savings Index which along with these easy to use tools will further focus people’s attention on saving for the things they want in life.”

Michael Royce, Savings Expert at Single Financial Guidance Body said: “We welcome the encouraging news that so many people are planning for big purchases through savings goals – and that those setting rainy day goals are saving more on average. We would encourage more people to get into the habit of building emergency savings to help with the costs of unexpected events.”

The Royal Bank of Scotland’s mobile app enables customers to easily set a goal, set up automatic payments and check their progress towards their goal.

Disclaimer

This article is for media use only and is not a financial promotion.
Mobile app available to customers with Digital Banking and a UK or international mobile number in specific countries.
You must have one of the following accounts to use the savings goal tool in your mobile app: Instant Saver, Premium Saver or Savings Builder.
 

Royal Bank of Scotland PMI® - July

According to the latest Royal Bank of Scotland PMI®, the private sector economy in Scotland approached stagnation in July, growing only fractionally.

Scottish jobs market shows signs of weakness as permanent placements fall

Permanent staff placements fell for the first time in two-and-a-half years in July according to the latest Royal Bank of Scotland Report on Jobs.

Set Tab for lightbox