Rural Scots 'bit by the saving bug'

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Rural Scots 'bit by the saving bug'

Individuals living in rural areas of Scotland have been found to have significantly higher savings pots than those residing in towns and cities.

According to figures published by the Bank of Scotland, the average nest egg for rural savers stands at £8,805 - 29 per cent higher than the equivalent for those living in urban areas.

Furthermore, savers in Highlands and Perth & Kinross local authority areas have an average balance equivalent to at least 40 per cent their annual earnings.

Nitesh Patel, economist at Bank of Scotland, said: "These savers have had a long working life to build up their savings pot compared to younger savers.  This would appear to be a key factor explaining the typically higher level of savings in rural areas compared with urban ones."

The news follows comments by Keith Churchouse, director of Chapters Financial Limited, who recently claimed many people across the UK are having to dip into their savings in the present financial climate in order to make ends meet.

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