A majority of young adults in Scotland who are in debt have been losing sleep because of their money worries in recent months.
That’s according to a new study carried out by Savanta ComRes on behalf of the debt help charity Christians Against Poverty (CAP), which highlights some of the financial pressures young people in Scotland have been dealing with in the context of the Covid crisis.
More than a thousand Scots who have debts and are aged between 16 and 34 were polled on issues relating to their finances and their more general wellbeing with some interesting results.
Notably, around 55 per cent of respondents said that their financial concerns had caused them to lose sleep and almost two-thirds (60 per cent) said their debt situation has had a negative impact on their mental health.
But while lots of people are evidently feeling pressure on their finances, most polled by Savanta ComRes said they would not know where to turn if they needed free debt advice.
By now, the Covid pandemic is well understood to have had a particularly damaging impact on the finances of younger Scots.
Many young adults have lost their jobs or seen their incomes diminished significantly in recent months with the Covid-19 crisis ripping through so much of the Scottish economy.
Experts have said they expect there to be a huge rise in demand for debt advisory services over the course of 2021 as more and more people seek help in handling their finances.
The CAP, which operates a network of churches in Scotland and provides advice to thousands of people struggling with debt, is urging anyone finding it stressful to fend off their creditors to reach out for third party support sooner rather than later.
“We know that the economic effects of the pandemic have had a particular effect on young adults,” said Emma Jackson, national director of the CAP in Scotland.
“With significant job losses in retail, hospitality and entertainment, it is understandable why large numbers are feeling so worried about their finances.
“Many are experiencing debt for the first time and are unsure what to do. Our message is clear, we urge everyone experiencing problem debt to seek free debt help today.”
If you live anywhere in Scotland and you need support in dealing with your problem debts then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.
The number of Scots who have missed energy bill payments because they couldn’t afford to make them has increased sharply since 2020, according to a new set of figures.
Millions of low-income households across the UK are being dragged down by debts they accumulated during the pandemic.
Our Scottish based team can help advise you on your debt problems.