More than three quarters of Scots are concerned about their current financial situation – with the vast majority planning to cut back, a survey has found.
The survey, which questioned almost 10,000 people across west and central Scotland, found 88% are keeping a closer eye on their money.
Of those preparing to make specific cutbacks, over a third of respondents (38%) would choose to give up eating out and socialising, while 18% would forego holidays to save on costs.
The survey, conducted by the Glasgow Credit Union (GCU), found as many as 10% of respondents are planning to cut back on food costs – while nearly one-sixth (13%) intend to reduce their gas and heating usage at home.
In addition, two in five of respondents (40%) expressed concerns over debt.
“We are acutely aware of the struggles facing not just our members, but people across the region and throughout the rest of the country,” said the CEO of GCU, David Ross.
“On a daily basis, our dedicated team works directly with members to help improve their lives and ease financial worry through regular savings and the competitive rates we offer across a range of unsecured loans and mortgages.
“Additionally, we aim to help people to understand how they can build up regular savings in a realistic and manageable way through the workshops and sessions we hold in the communities we serve.”
There are also signs of increased savings after the coronavirus pandemic, as lockdown enabled many to put money away while encouraging others to save more in future.
This shift in attitudes towards savings was echoed in the survey results, with just under half (46%) of respondents planning to save the same as last year and over a third (36%) are hoping to save more.
“Saving for a rainy-day fund is difficult for many people, especially given the current and potential future economic uncertainty,” Mr Ross added.
“We believe in saving as much as possible to build financial resilience. By doing so, it can help to take some of the pressure off, improve financial wellbeing and help protect against unforeseen issues and through hard times.
“The results of our annual member survey, which engaged just under 10,000 members aged 16 and over across west and central Scotland, show that 98% of respondents believe that Glasgow Credit Union helps members to maintain a regular savings habit.
“A further 98% believe that Glasgow Credit Union makes a difference to local people and the local communities.”
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