The Scots Are The 'Canniest' Savers

Merrill Lynch Investment Managers (MLIM) has today announced the results of a poll that shows the Scots are more likely to save for their retirement than their English counterparts.

MLIM's survey, conducted by MORI, asked individuals what choice they would make if someone had saved 16350 per month for them from birth and they could choose to either take the accumulated fund of 16319,000 at the age of 18, or continue contributing themselves until the age of 60 to accumulate a prospective fund of 163320,000.

The results showed that over 29% of those questioned in Scotland, compared to only 21% in England and Wales, were prepared to continue investing the 16350 per month themselves after they were 18 until retirement.

Sarah Aitken, Head of Defined Contribution at Merrill Lynch Investment Managers, commented:

"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."

Merrill Lynch Investment Managers is one of the world's largest investment managers, with more than $533 billion under management. It offers a full array of equity and fixed-income, active and passive products to retail and institutional clients around the globe.

Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 43 countries and total client assets of more than $1.6 trillion. As an investment bank, it is the top global underwriter of debt and equity securities and a leading strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. For more information on Merrill Lynch, please visit www.ml.com., for MLIM go to www.mlim.co.uk

Technical details

Between 2nd and 7th August 2001, MORI polled 1957 individuals - 1838 over the age of 18 and 119 under 18 - and asked them the following question: "If someone saved 16350 per month for you from the time you were born until you were 18 you could have accumulated 16319,000. If you continued to save 16350 per month until you were 60 then this could have grown to provide a fund of 163320,000 with which to provide for your retirement. Would you : Take the 16319,000 at age 18? Continue paying into the fund yourself? Continue with the fund if someone else were paying into it? Not continue to pay to into it but allow it to accumulate ?"

The results show that on average 28.7% of all respondents in the Grampian TV, Scottish TV and Border TV regions are more likely to continue paying into the fund, compared with on average 21.4% respondents in the rest of the English and Welsh television regions.

Television catchment areas:

Grampian TV: North of Scotland Scottish TV: Central Scotland Border TV: Cumbria and the Scottish border counties.

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