Lack of personal savings poses financial heartbreak to over three-quarters of people

27-year-old Francesca Jane

A NEW online study commissioned by Royal Bank of Scotland has revealed that more than three-quarters (78%) of people don’t have a personal savings account that they keep secret from their partner – leaving them vulnerable if their Love Island flame decides to couple up with someone else.

Whilst talk of having a ‘what if’ fund for a potential breakup might seem pessimistic on Valentine’s weekend, this is the period when more couples decide to call it quits than at any other time of the year.

The revelation that nearly eight out of ten people (78%) don’t have a secret personal savings account is contained within a survey by Royal Bank of Scotland and YouGov. Royal Bank polled over 1,000 people from across Scotland as part of its ‘Life Better Spent’ campaign, looking at the financial habits, attitudes and behaviours of people in Scotland.

The research also revealed that almost one-fifth of workers (19%) admit to saving nothing from their salary each month.

When 27-year-old Francesca Jane’s long-term relationship ended unexpectedly, she had to find another place to live and come up with the funds for a deposit – fast. Luckily, Fran – a trainee teacher – had been allocating a portion of salary into her personal savings each month and was able to move into her dream flat in Edinburgh’s city centre.

Francesca said “I know first-hand the importance of having personal savings set aside for a rainy day. When my relationship ended suddenly, it knocked me for six and I needed to find somewhere to live but luckily, my ‘bolt fund’ gave me security and allowed me to get back on my feet.

“Seeing how beneficial it is to have savings has encouraged me to make sure I’ll always be able to keep myself afloat in the future. I make a conscious effort to put at least 10% of my wages away every payday – you never know what could happen.”

The Life Better Spent campaign aims to provide people with the tools and information required to give them better control of their spending and feel more confident in how they manage their money.

Royal Bank is making financial management easier by providing the following:

Royal Bank of Scotland app – Customers using Royal Bank of Scotland’s app will now be able to easily see where their money is going with the new ‘spending’ tab which will show them how much they’re spending from their current account each month on bills, transport or entertainment, helping them stay in control of their money. If the app doesn’t get it right first time, they’ll be able to change categories easily.  

Financial Health Check – A free 20-minute conversation with a senior personal banker to help make banking easier and your finances work even harder for you. You can choose to chat with us in branch, on the phone or from home.

MoneySense – MoneySense provides parents and teachers with the tools to give young people the confidence to use money responsibly on their own. MoneySense is fully digital and downloadable, it can be delivered by teachers in schools. Now in its 25th year – it’s the longest running bank-led financial education programme for young people in the UK.

The latest stories