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Majority of young Scots worried about personal finances

personal finances

55% of those aged 16-34 are worried about their personal finances, with 60% saying it has negatively impacted on their mental health, according to a poll commissioned by the CAP

A majority of young adults in Scotland have lost sleep during the pandemic because of money worries, a poll has found.

It comes as the number of job vacancies across the country has plummeted as a result of months of lockdown restrictions, while the hospitality sector – which traditionally relies on younger workers – remains almost entirely closed.

A survey of more than 1,000 Scots carried out this month found that 55% of those aged 16-34 are worried about their personal finances, with 60% saying it has negatively impacted on their mental health.

The poll was commissioned by the Christians Against Poverty (CAP) charity, which offers free debt advice on request.

The results were published on the same day the latest labour market statistics were released, which found Scotland has recorded a slight increase in employment since the last quarter, new figures show.

The Office for National Statistics (ONS) said the employment rate for those aged 16 to 64 between September and November was 74.4%, a 0.5% increase on the figure for the previous quarter.

Politicians from all parties fear the real jobless level is much higher as many employers are keeping staff on the UK Government-backed furlough scheme, which is due to come to an end in April.

Emma Jackson, national director of CAP Scotland, said: We know that the economic effects of the pandemic have had a particular effect on young adults. With significant job losses in retail, hospitality and entertainment, it is understandable why large numbers are feeling so worried about their finances. Many are experiencing debt for the first time and are unsure what to do.

Our message is clear, we urge everyone experiencing problem debt to seek free debt help today, she said.

Commenting on the publication of the latest ONS figures, business minister Jamie Hepburn said: These figures still do not reflect the full impact of coronavirus or outlook for employment as the Job Retention Scheme continues to play an important role in supporting employers and employees.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.