Sharon McDougall - 3rd October 2022 - 2 minutes to read
Scottish households are more likely than their English counterparts to face serious financial problems, according to a new piece of research.
The abrdn Financial Fairness Trust has investigated levels of financial difficulty in different parts of the UK and found that Scottish households are struggling particularly with the cost of living crisis.
Around 21 per cent of all Scottish households were found by researchers to be in a position of ‘serious financial difficulty’, which is notably higher than the 15 per cent of households in England who might also be categorised that way.
Those figures indicate that there could now be around 540,000 households in Scotland in serious financial difficulty, with a great many also battling with debt management problems at the same time.
Perhaps unsurprisingly, given the higher prevalence of serious financial difficulty, a higher proportion of Scots are now cutting back on food, energy and more general outgoings in order simply to save money and get by.
Almost a third of all Scottish households report having no savings at all to fall back on, which is again higher than the 24 per cent of English households who would say the same.
With prices rising across the economy and incomes being squeezed, roughly 1.6 million Scots describe themselves currently as being either ‘quite’ or ‘very’ worried about their financial situation.
“On a range of measures, the cost of living crisis is hitting Scottish families harder than families in England,” noted Mubin Haq, chief executive of the abrdn Financial Fairness Trust.
“Despite Scotland having a lower poverty rate than England, financial anxiety levels are much greater.”
Professor Sharon Collard from the University of Bristol added in response to abrdn’s research: “It is hugely concerning that so many Scottish households are going into winter worried about whether they can afford to turn their heating on.
“It is vital government offers more support to vulnerable groups, such as lone parents and disabled people who are least able to weather the coming financial storm.”
If you live in Scotland and you are worried about your personal debt situation for any reason then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.
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