finance

Scots worried about economic future amid rising living costs



New research has revealed that 72% of Scots believe the economy does not work in the interests of most people, with 62% saying it works primarily in the interests of business.

The Understanding Scotland survey was carried out by Diffley Partnership and communications agency Charlotte Street Partners in October, finding that three quarters of people think that economic conditions have deteriorated over the past 12 months – while 62% expect this downward trajectory to continue over the coming year.

The poll, which is part of the inaugural edition of the Understanding Scotland report, gathered insights and opinions from more than 2,000 members of the Scottish population.

It found that a third reported a worsening of their own financial circumstances over the past 12 months, which has exacerbated pre-existing inequalities and hit the worst-off hardest.

People in Scotland’s most deprived communities are 10% more likely to report a deterioration in their finances than the most well-off.

Meanwhile, 42% of the population are satisfied with the level of their income and 37% are dissatisfied with the extent to which their income covers their costs of living – rising to half of those in the most deprived communities.

Mark Diffley, director at Diffley Partnership, said that the results make for sobering reading for policymakers ahead of the upcoming Budget.

“People are evidently worried about Scotland’s economic standing and their own financial wellbeing.

“An effective policy response that allays these concerns will require immediate action to stem the cost of living crisis, as well as longer-term reforms to reconnect people to the wider economy.”

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