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In addition to basic details about household income from both employment and social security benefits, the survey collects information about whether households have access to banking and insurance facilities, levels of savings and investment, and concerns about money and debt. The collection of this information, while useful in its own right, also allows other policy issues to be related to questions of poverty and social inclusion.
Overall, 12% of householders (or their partners) do not have a bank or building society account (Table 9). People in households where the highest income householder was under 25 are the least likely to have a bank or building society account, as are those in the lowest income households (Table 10), single parents, single pensioners and single adult households. Single parents are the group least likely to have a bank account, with only 61% having some form of account (no table). Across Scotland as a whole, the survey suggests that some 260,000 households do not have access to this form of banking service.
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Table 9 Possession of bank or building society account by age of Highest Income Householder |
Column percentages |
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Whether has bank/building society account |
Age of Highest Income Householder |
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16-24 |
25-34 |
35-44 |
45-59 |
60-74 |
Total |
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% |
% |
% |
% |
% |
% |
|
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Yes |
78 |
88 |
88 |
87 |
83 |
86 |
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No |
20 |
11 |
10 |
10 |
14 |
12 |
|
Refused |
2 |
1 |
2 |
3 |
2 |
3 |
|
Base=100% |
100 |
413 |
544 |
699 |
564 |
2599 |
Source: Scottish Household Survey (Feb-Mar, 1999).
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Table 10 Possession of bank or building society account by net household income per annum |
Column percentages |
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Whether has bank/building society account |
Net household income |
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Up to£6,000 |
£6,001-£10,000 |
£10,001-£15,000 |
£15,001-£20,000 |
Over-£20,000 |
Total |
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|
% |
% |
% |
% |
% |
% |
|
|
Yes |
74 |
85 |
94 |
99 |
99 |
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No |
25 |
13 |
5 |
1 |
1 |
9 |
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Refused |
2 |
2 |
1 |
- |
0 |
1 |
|
Base=100% |
269 |
319 |
337 |
228 |
363 |
1516 |
Source: Scottish Household Survey (Feb-Mar,
1999).
Note: Sample size reduced by refusals on income questions.
Over half those interviewed said they had some savings or investments (Table 11). Most of these have less than £10,000 in savings or investments - though over a quarter of those with savings or investments refused to say how much they had.
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Table 11 Savings level by age of Highest Income Householder |
Column percentages |
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Age of Highest Income Householder |
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Whether has savings |
16-24 |
25-34 |
35-44 |
45-59 |
60-74 |
75+ |
Total |
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% |
% |
% |
% |
% |
% |
% |
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Yes |
24 |
47 |
54 |
62 |
61 |
60 |
56 |
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No |
76 |
51 |
42 |
32 |
35 |
29 |
39 |
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Refused |
1 |
2 |
4 |
5 |
7 |
10 |
5 |
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Base=100% |
100 |
413 |
544 |
699 |
564 |
279 |
2599 |
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Level of savings for those who said they have savings/investments |
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% |
% |
% |
% |
% |
% |
% |
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Under £1,000 |
59 |
36 |
23 |
17 |
10 |
16 |
20 |
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£1,000-£4,999 |
36 |
23 |
24 |
18 |
14 |
19 |
19 |
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£5,000-£9,999 |
0 |
10 |
12 |
11 |
9 |
11 |
10 |
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£10,000-£15,999 |
5 |
8 |
4 |
9 |
9 |
7 |
7 |
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£16,000-£29,999 |
0 |
4 |
7 |
7 |
9 |
3 |
6 |
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£30,000-£74,999 |
0 |
4 |
5 |
6 |
8 |
8 |
6 |
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£75,000+ |
0 |
2 |
2 |
4 |
9 |
6 |
5 |
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Refused to say how much |
0 |
14 |
22 |
27 |
32 |
32 |
26 |
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Base=100% |
22 |
195 |
299 |
436 |
346 |
167 |
1465 |
Source: Scottish Household Survey (Feb-Mar, 1999).
Only 24% of young households (where the highest income householder is aged between 16 and 24) had savings, with 59% of these having saved or invested less than £1,000. By contrast, where the highest income householder was over 45 years old, over 60% had savings.
Although those with higher incomes are more likely to have savings, the level of savings among households who have savings does not differ greatly between households with higher incomes and those with lower incomes. The impact of older people with low incomes but high levels of savings is likely to contribute to this effect. For example, 8% of all those with net incomes of less than £6,000 have savings of more than £30,000 (no table).
Overall, about half of all types of household say they had some savings or investments. However, a notable exception are single parents, with only 15% reporting savings. Older small and small family households are most likely to have savings (no table).
Most people say that they never, or only sometimes worry about money (Table 12). However, just over a quarter say that they worry about money almost all the time or quite often.
People in younger households are more prone to worry about money than those in older households. As the age of the highest income householder increases, there is a decline in the percentage who worry about money.
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