Science & Technology

Young Scots remain positive about finances amid coronacrisis

The survey gathered opinions of over 2,100 young adults in Scotland

Scots

Young Scots remain positive about finances amid coronacrisis. Source: shutterstock.com

According to the research from Bank of Scotland, just 52% of youngsters feel optimistic about what the future has in store for them financially, while only 1 in 4 feels pessimistic.

In fact, 55% of men aged between 18 and 24 are currently the most positive about their financial futures. Overall, those in the North East, South Scotland, and the Lothians (54%) are the most financially optimistic about the years ahead, while the least positive are those in West Scotland.

Meanwhile, 48% of young Scots say their financial outlook has deteriorated because of the pandemic, while only 1 in 10 feels more positive about money.

The financial attitudes of respondents were most negatively affected in the Lothians and Glasgow, with a little over half (53%) feeling worse about money because of the pandemic. This ties in with the finding that more young people living in Glasgow (17%) said they lost their jobs than any other part of Scotland, and the city also saw the highest level of furlough (26%). Overall, 23% of those surveyed said they were furloughed during the pandemic, and 12% lost their jobs.

The cost of things like saving for a first home, getting married, or starting a family could seem even more overwhelming after the difficulties of the last year. With the ability to meet major milestones some of the areas of future financial concern, it’s a good indication that young people are thinking about their financial priorities. Taking action to achieve these, such as breaking down long term aims into shorter-term budgeting and saving goals, is an important step in helping people feel comfortable and confident in managing their finances
Pete McCarthy, Director, Bank of Scotland

The survey found that across the nation’s young adults, there are 3 main financial concerns:

  1. being able to do more than just make ends meet (60%)
  2. having enough money in retirement (58%)
  3. being able to afford a house (50%).

When considering the barriers to a secure future, the lack of affordable homes (39%) and the lack of jobs (37%) are seen as the biggest hurdles.

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