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Scotland experiences low levels of financial optimism



A quarter (24%) of Scots are terrified for their financial future, according to new research.

Subscription loan provider Creditspring commissioned Opinium to survey 2,000 UK adults in September, including 168 people in Scotland, finding that both Glasgow and Edinburgh rank in the top five most financially unstable cities.

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

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

One in five (19%) Scots are unaware of how to improve their credit score and nearly a third (31%) were unaware of what financial position they will be in in six months’ time.

Neil Kadagathur, co-founder and chief executive of Creditspring, commented: “As people in Scotland emerge as among the most financially unstable in the UK, it is crucial that they receive adequate support to restore their financial health – support which they feel they are largely lacking at the present time.

“As they increasingly rely on credit, accessible and affordable forms of credit must be made available to them, so they don’t have to turn to unscrupulous, high-cost lenders which could trap them in a cycle of debt.”

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