UK – The British are more likely to go for short term savings rewards, with the Scots more ‘canny’ about their retirement savings than their English and Welsh counterparts, according to a survey commissioned by Merrill Lynch Investment Managers (MLIM).

The survey, conducted by MORI, asked 1,957 individuals, of whom 1,838 were over and 119 were under 18, if they would choose to take at 18 the £19,000 accumulated from a monthly £50 saving since birth or if they would carry on the contribution themselves until age 60 and take £320,000 instead.

The results showed that 29% of those polled in Scotland would carry on saving against 21% among the English and Welsh and that most people in the UK seem more attracted to short-term gain.

Sarah Aitken, head of defined contribution at MLIM, comments: “These results make interesting reading and show a definite divide in savings attitudes between Scotland and the rest of the country but it is important to note that there appears to be a much greater preference to reap short-term rather than longer-term benefits.”