A NEW report claims Scots will face a choice between working well into old age or surviving on less than £16 a day.

A 12-month research project into Britain's savings and debt habits says millions of people face a future of poverty and State-dependency in retirement - if they are able to retire.

The 'Tackling the Savings Gap' project by financial services firm True Potential was launched in August, last year, to examine personal savings and debt habits.

It found only 5% of Scots surveyed as part of the research claimed they would be able to survive on between £6000 and £10,000 per year, with 74% saying they would need at least £11,000.