Savings down as Scots look to tackle debts
Scots are saving less in the current economic downturn - but are also looking to reduce the money they owe to creditors.New figures from Lloyds TSB show that almost six in ten people north of the border have "taken action" on debts - but that four in ten have reduced the amount they save.The bank's report also showed that, contrary to their parsimonious reputation, Scottish people tend to save less than their compatriots elsewhere in the UK.According to Lloyds, the average savings for a Scot stand at less than £10,000 - around £3,000 less than their equivalents in England and Wales.Mark Cockburn, retail network director at Lloyds TSB Scotland said: "Saving is a must for everyone. "With economic conditions set to become more challenging, having the comfort of a savings nest-egg could be a lifeline for many Scots families during these difficult times."Total personal debt in the UK stands at over £1.4 trillion, figures from charity Credit Action have shown.
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