Money matters

Scots express concerns over rising cost of living

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Most Scots expect their own financial circumstances to deteriorate over the next year, according to a new survey which contrasts with more optimistic business surveys and jobs data showing a decline in unemployment.

The ‘Understanding Scotland’ report on the economy found that three in four people think that economic conditions have deteriorated and 62% expect this downward trajectory to continue over the coming year.

People’s pockets have been hit hard, with a third of people reporting a worsening of their own financial circumstances and concern over the cost of living.

While 42% of the population said they were satisfied with the level of their income, 37% were dissatisfied with the extent to which their income covers their costs, rising to half of those in the most deprived communities.

As the survey was conducted in October this may have been a response to rising energy bills which were dominating the headlines.

It was also conducted just after the ending of the Coronavirus job retention scheme when there were fears it would lead to a sharp rise in unemployment. In fact, there has been a labour shortage across the economy.

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