Feb 24 2006
Shetland Islanders have the highest savings balances in relation to local average earnings in Scotland, according to new research released yesterday.
A study conducted by Bank of Scotland, based on its own deposit savings database, found that people from the Shetland Islands topped the poll, followed by savers in Moray, Orkney Islands and Highland.
By comparison people in West Lothian have the lowest savings balances relative to local earnings in Scotland, followed by Glasgow, North Lanarkshire and Midlothian.
Average savings in the Shetlands of £8,587, are equivalent to 46 per cent of local gross annual average earnings of £18,704. Meanwhile, average savings in West Lothian of £4,106, are equivalent to 18 per cent of local gross annual average earnings of £22,487.
However, no Scottish Local Authority District (LAD) came inside the UK's top 100 LAD's with the highest average savings balances. There were, however, six Scottish LAD's in the bottom 20 LAD's in the UK with the lowest average savings balances.
At the other end of the savings balance spectrum, only Hackney LAD had a lower average savings balance than West Lothian, Glasgow or North Lanarkshire.
Meanwhile, figures from the Office of National Statistic's Financial Resources Survey for 2003-04 showed that 27 per cent of households have no savings at all.
