The research, carried out by the Diffley Partnership, found that 2 in 5 people of people in Scotland are concerned about their income during Coronavirus.
As reported by Scottish Housing News, the research, commissioned by Citizens Advice Scotland, released to mark Talk Money Week 2020 in Scotland also found that:
- 27% of people were concerned about utility bills
- 24% were concerned about council tax payments
- 25% were concerned about rent and 26% concerned about mortgage repayments
- 23% were concerned about paying for food and essentials
- 32% were concerned about debt repayments
The research concludes seven months of tracking attitudes by CAS and the Diffley Partnership and shows concerns around incomes have remained high and relatively static throughout the pandemic.
It also reveals that while worries over expenditure dropped after the initial stages of lockdown, the latest figures show these worries are on the rise.
CAS is warning that there must be no complacency from policymakers around supporting incomes and easing living costs and welcomed the move from the Chancellor to extend the furlough scheme.
Citizens Advice Scotland commented:
Myles Fitt, CAS financial health spokesperson, said:
“It’s massively concerning that almost 2 in 5 people are worried about income a during the pandemic, it underlines yet again that this public health crisis is also an economic crisis that is hitting household budgets across the country.
“Looking back at the seven months of tracking, we can take some heart that the initial levels of concern that were very high in each area have fallen, that suggest the fast action taken by policymakers, such as the furlough scheme, boosting Universal Credit, increasing the Scottish Welfare Fund and things like mortgage holidays have had an impact.
However, the concern around income has remained high and we’re beginning to see concerns around bills increase.
This is not the time for policy makers to be complacent, particularly with energy bills being the next problem as we head into winter, so we welcome the extension of the furlough scheme by the UK Government along with other payment support measures announced by a UK regulatory body.
He added: “It is important for people to talk about any money worries they have, and the CAB network is here to listen and to help. In Talk Money Week, local Citizens Advice Bureau across Scotland stand ready to offer advice on managing money, paying bills and avoiding getting into debt.”
Diffley Partnership commented:
Mark Diffley, founder and director of Diffley Partnership, which carried out the research, commented: “Our polling with Citizens Advice Scotland has tracked the financial experiences of people since the COVID-19 pandemic struck in March.
“While we have observed some decline since the beginning of the pandemic, it is clear that a significant number of people continue to face significant financial difficulties; this includes four in ten Scots (39 per cent) who are concerned about their income, while around a quarter are concerned specifically about being able to pay utility bills, rent and for food and essentials (27%, 25 % and 23% respectively).
“We have observed throughout these waves of research, such financial concern is not spread equally the population. Of particular note, those in less affluent social class groups are clearly more likely to be experiencing financial difficulties, for example, 48% of those in social class groups C2,D and E are concerned about their income, a difference which is repeated across all issues in the survey.
As the virus continues to cause a significant impact on the economy, so these findings are likely to continue, causing significant challenges for policymakers.”
Trust Deed Scotland commented:
Trust Deed Scotland, the No.1 rated company in Trustpilot‘s debt relief service category with over 3,000 reviews said:
“We are not surprised that people across Scotland are worried about their income, we’re dealing with enquiries from all over the country and many of those have had their income reduced as a direct consequence of the pandemic.
Our dedicated advice team have been advising on the risks and benefits of all the Scottish statutory debt solutions, including Minimal Asset Process as a route to bankruptcy, Trust Deeds and the Debt Arrangement Scheme over the duration of the Coronavirus pandemic and we expect to see a rise in enquiries as we move into the next year.
We urge anyone who does have unaffordable debts to seek help and with it being Talk Money Week 2020 in Scotland and the rest of the UK, there are many organisations offering to help anyone who needs their support.”
Our team can be reached on 0141 221 0999 or you can complete our Trust Deed Wizard.