In Glasgow, this figure rises to 76%, demonstrating a strong awareness of financial options. Furthermore, 66% of Scots feel prepared for unexpected expenses, with Edinburgh residents particularly confident at 76%. However, there’s less optimism about achieving financial goals, with only 56% feeling secure in this area.

The survey highlights a national need for financial education. Just 34% of UK adults understand their debt options, and 23% have sought advice from their bank. Younger adults (18-24) are less confident in managing debt and less knowledgeable about secured vs. unsecured debt compared to older age groups.

Despite these gaps, many consumers actively manage their debt and regularly review their finances. However, they express a need for further guidance on debt options and achieving long-term goals.

Madhu Kejriwal, head of unsecured lending at HSBC UK, said: “Our priority is to ensure our customers understand their financial options and make the right decisions for their personal circumstances.

“While many consumers are aware of their debt consolidation options, only one in three fully understands their choices and engages with their bank to explore them.

“This is why we have trained specialists to help our customers make better financial decisions, understand their options, and improve their financial well-being.

“Our financial support team proactively reach out to customers if we think there might be financial issues on the horizon. It’s important to us that our customers understand they can talk to us about their money worries without judgement and without it affecting their credit rating.”