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The voice of Scotland’s vibrant voluntary sector

Published by Scottish Council for Voluntary Organisations

TFN is published by the Scottish Council for Voluntary Organisations, Mansfield Traquair Centre, 15 Mansfield Place, Edinburgh, EH3 6BB. The Scottish Council for Voluntary Organisations (SCVO) is a Scottish Charitable Incorporated Organisation. Registration number SC003558.

Cost of living crisis continues to dent household finance confidence

 

Advice Direct Scotland have warned rising bills could push people further into debt.

New research has revealed UK households’ confidence in their finances hit an all-time low in April due to the cost-of-living crisis. 

A monthly survey from YouGov and the Centre for Economics and Business Research (CEBR) shows confidence fell by 6 points from the result in March, and by a massive 57 points when compared to April 2021. 

It comes amid warnings that an estimated 1.5million UK households will struggle to pay food and energy bills over the next year as inflation and energy bills continue to soar. 

The National Institute of Economic and Social Research said more people would be forced to choose between “heating and eating” and many others would slide into “extreme poverty” without further support. 

Colin Mathieson, spokesperson for Advice Direct Scotland, which runs the debt advice service moneyadvice.scot, said the research and stark warnings show the devastating impact the current cost-of-living crisis is having on families and households across the country. 

He added: “Rising energy bills and inflation could push people into debt, or make existing debt problems worse. 

Colin Mathieson

“The important thing to remember is that help is available, and that no one should have to struggle alone. 

“Our moneyadvice.scot service provides free information and support on a wide range of debt-related issues. 

“Our specialist advisers can work with you to assess your current situation, look at your income and outgoings, and consider what to do next. 

“Approximately half a million people across Scotland are not claiming the financial support they are entitled to - you don’t have to be one of them.”

 

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