Scotland experiences low financial optimism

A quarter (24%) of Scots are terrified about their financial future, according to a new study.

Subscription loan provider Creditspring tasked Opinium with investigating 2,000 UK adults in September, including 168 people in Scotland, finding Glasgow and Edinburgh to be among the five most financially unstable cities.

In fact, 29% think there is nothing they can do to improve their financial situation.

Research has found that 12% of Scots will need to borrow money to get by in the next six months, while 27% have already borrowed money to stay afloat since the start of the pandemic – and 9% have already taken out high cost credit, such as payday loans.

One in five Scots (19%) don’t know how to improve their credit rating and almost a third (31%) don’t know what their financial situation will be in six months.

Neil Kadagathur, Co-Founder and Managing Director of Creditspring, said: “As Scots are among the most financially unstable in the UK, it is crucial that they receive adequate support to restore their financial health – support that ‘they feel they are. largely absent at present.

“As they increasingly depend on credit, accessible and affordable forms of credit must be made available to them, so that they do not have to turn to unscrupulous and expensive lenders who could trap them in a cycle. debt. “

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