TSB’s latest Money Confidence Barometer research, which measures individuals’ confidence in their financial outlook, shows 58% of respondents find keeping up with the repayment of their bills and credit commitments a financial burden and one-in-eight (12%) have fallen behind or missed three or more payments for credit commitments or domestic bills in the last six months.

Over a quarter (26%) of Scots have taken out debt in the last 12 months or plan to in the next 12 months, with 24% of those borrowers planning to use this for household bills,
and 19% for groceries.

The data shows that a quarter of adults (25%) have taken more money out of savings or investments over the past 12 months than they have put in, with almost half of these
(46%) using this money to cover the increased cost of fixed monthly outgoings or household day-to-day living costs (e.g. rent, mortgage, bills, groceries). The same proportion (46%) to pay for unforeseen household expenses (e.g. to repair or replace appliances, car repairs, and other unexpected bills).

Of the things that worry them most about their personal finances right now, home energy costs are the most common worry, with seven-in-10 (68%) people citing this. Grocery
costs are a worry to around half (52%) of people in Scotland and over one-third (37%) of Scots with a mortgage are worried about not being able to afford to re-mortgage their home if living costs continue to rise over the next 12 months.

Focussing on health, more than one-third (35%) of Scots who mention something that worries them most about their personal finances right now report it is negatively impacting
their mental health, with more than a quarter (28%) saying it is negatively impacting their sleep and about one-in-seven (16%) saying it impacts their physical health.

Despite these worries, almost around half (49%) of Scots surveyed said they hadn’t gone to anyone to ask for advice or support their finances in the past 12 months.

Nicola Bannister, financial support director at TSB, said: “This research shows the continued financial challenge facing many households in Scotland.

“TSB is ready to help customers with any advice they might need and we’re already contacting some customers to signpost them to the support we offer.”