Women in Scotland ‘Increasingly at Risk of Debt Problems’

Women living in all parts of Scotland are increasingly at risk of falling into debt and experiencing financial hardship.

That’s according to an extensive new study that suggests women in Scotland are particularly likely to feel the impacts of the cost of living crisis.

The study relates specifically to women living on low incomes, many of whom miss out on social security support or free school meals because they earn above a certain threshold but nonetheless find themselves struggling to make ends meet.

For a growing number of women across the country, paying bills, covering childcare costs and paying for essentials such as food and toiletries each month is becoming increasingly difficult.

In many cases, these extra financial pressures are forcing Scottish women into debt, which for most will be manageable but for some will inevitably prove problematic and potentially very stressful.

“Women are more likely to be poor, have lower levels of savings and wealth, and are less able to find suitable work or increase their hours if they’re in work,” explained Sara Cowan from the Scottish Women’s Budget Group (SWBG), who conducted the research in collaboration with the Poverty Alliance.

“The costs crisis is affecting the vast majority of us, but this powerful research highlights again the unjust way that poverty especially affects women in our society,” she added.

Ms Cowan, along with the Poverty Alliance, are calling for the Scottish and UK governments to do more to support women across the country who are finding themselves being pushed to the brink financially as the cost of living crisis goes on.

“In Scotland, we must find ways to expand eligibility for people who are in employment, are in need, but miss out on support,” commented Fiona McHardy, research and information manager with the Poverty Alliance.

“Too many women in Scotland are in urgent need of support - Scottish ministers must leave no stone unturned in finding resources to support them during this crisis,” she added.

The recent research looking at these issues was funded by abrdn Financial Fairness Trust and the Esmée Fairbairn Foundation.

If you live in Scotland and you are worried about your personal debt situation then Scotland Debt Solutions can help. Contact us any time to arrange a FREE and confidential consultation.