THE NUMBER of Scots with money worries has risen sharply over the past 12 months as household financial circumstances have taken a turn for the worse.
Almost eight in ten Scots are worrying about money, against just 58 per cent a year ago, according to new research for the Institute of Financial Planning (IFP). Just a fifth of Scots say they never, or rarely, worry about money, while a mere 15 per cent believe their financial situation has improved in the past six months. The research, to mark Financial Planning Week, found four in ten Scots intend to cut monthly spending next year, compared with three in ten across the UK as a whole.
But battening down the hatches is more about paying down debts and cutting spending than it is about savings. Just 1 per cent of Scots plan to contribute more or start contributions towards a pension next year, the IFP found.