Seven in ten savers in Edinburgh and Glasgow have their money in accounts that are failing to keep pace with inflation, new research shows.
Most savers in cash accounts are losing money in real terms as inflation continues to outstrip savings returns, even after the recent fall in living costs.
While almost eight in ten people in the Scottish capital and nearly a quarter in Glasgow claim to have a firm grip on their finances, nine in ten don’t know the inflation rate, according to a survey by RateSetter.com. Of the adults in Glasgow surveyed by the peer-to-peer finance website, 35 per cent said they didn’t have a savings account compared with 16 per cent in Edinburgh and 23 per cent across the UK as a whole.
Of those that do have savings accounts, 71 per cent in Glasgow and 69 per cent in the capital are getting negative returns as their rate of return is below inflation.
