Uncertain Incomes Making Life More Difficult for Indebted Scots

September 16, 2016

A growing number of Scots are in the position of being uncertain of how much money they will earn on a weekly or monthly basis and, for many, the result is a very challenging personal finance scenario.

According to recent research, there are more than a million Scots whose incomes are variable, as a result of working changeable hours, being self-employed or being employed on zero hours contracts.

The figures suggest that around one in four adults in Scotland are now uncertain of how much money they’ll earn during either a weekly or monthly period.

For many people, having a variable income has meant struggling financially and being uncertain of covering the costs of paying essential household bills.

Around half (51 per cent) of the Scots whose incomes are variable reportedly have difficulty keeping up with rent payments, utility bills or council tax demands, and 47 per cent have said the variability of their income makes it tougher to keep up with debt repayments.

According to the Debt Advisory Centre’s figures, Scotland has a relatively high proportion of adults with uncertain or variable incomes as compared to other parts of the UK.

“The flexible workforce is on the rise, with more Scots becoming self-employed and an increase in zero hours contracts,” said Melanie Taylor from the Debt Advisory Centre.

“Whilst employers may love the flexibility this type of working brings, for the employees the end result can be financial hardship.

“Ideally, people need to put money aside as savings in the good months to tide them over during the learner times – but this isn’t always possible.”

Taylor also noted that there are many people whose variable incomes lead them towards the use of short-term borrowing as a means of coping with financial pressures from week to week.

Using expensive credit to cover short-term and essential costs is far from uncommon across the UK but it can easily lead to more serious personal finance and debt related problems.

If you live in Scotland and are finding it difficult to keep up with your debt repayments then Scotland Debt Solutions can help. Contact any of our offices to arrange a free and confidential consultation.

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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