Figures released by the credit reference agency found that 43% of people in Scotland believe it will take up to 12 months to recover financially compared to 36% nationally.

The data suggests this could be a consequence of the fact that 38% of people living in Scotland reported they took home a reduced salary during lockdown, compared to 37% nationally, with 2 in 10 people believing they will be made redundant when furlough ends.

One in ten of those living in Scotland reported being behind on regular payments for which they don’t have payment holidays.  On the other hand, 52% of people in Scotland continued saving during lockdown and 44% saved more than pre-lockdown.

Lisa Hardstaff, credit information expert at Equifax, commented: “For those on furlough, the fear of redundancy once the scheme comes to an end is very real. And even for those who don’t believe they will be made redundant; nearly a third of people living in Scotland believe their employer will ask them to reduce their salary in the immediate future once they return to work.

“Everyone has been affected differently during this crisis. National figures show that more than half (52%) said they were able to put aside more money into their savings compared with pre-lockdown. And nearly a quarter (24%) said they actually feel better off. However, in contrast, 18% admitted they were behind on regular payments for which they don’t have a ‘payment holiday’ in place.”

She added: “Expenditure on outgoings has changed since lockdown; nearly half of those surveyed that live in the Scotland spent more each week on their food bill and 43% spent more on gas and electricity. As the work from home culture continues it’s likely these additional costs will remain, even though, not surprisingly 66% said they spent less on travel.

“With areas of the country in localised lockdowns and a second COVID-19 wave predicted in the Autumn, recovering from the financial impact of COVID-19 could be prolonged. National figures also show that over a third (36%) believe it will take them up to 12 months to recover and 31% said they think it will take between 13 to 24 months to get back on a solid financial footing. Now more than ever, therefore, it’s vital to have a really good understanding of financial incomings and outgoings.”