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Over half of Scots run out of money before payday

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More than half of Scots say they occasionally run out of money before payday, with 15 per cent saying they do so ‘most of the time’ or ‘always.’

The figures are part of a major new report published today by Citizens Advice Scotland which aims to take a snapshot of the financial realities facing Scots in 2017, and in particular the relationship people have with debt.

Other key findings from the research, which was conducted by Ipsos Mori, include:

  • 55 per cent of Scots would be unable to pay a sudden bill of £100 without borrowing, using savings or cutting back on essentials. The equivalent figure for a £250 bill is 69 per cent, and for £1,000 is 83 per cent

  • Only 42 per cent of Scots feel they understand their rights in relation to debt

  • Older people and those with full-time jobs are less likely to be in debt, but many Scots who are in work report that they often need to borrow to supplement their income

  • Those who are in work are just as likely to be refused credit as those not in work

    • Publishing the report, ‘Living one payday to the next,’ CAS policy manager Keith Dryburgh, said: “This study shows that for most Scots debt is just a fact of life. It also shows that debt is not just an issue for people who are on low incomes. Many working Scots on reasonable salaries occasionally need to borrow money to get them from one payday to the next.

    “While many of these people would not regard this as a crisis situation, our research also finds that many people are vulnerable to financial shocks, like being unable to pay a sudden bill without getting into debt or using savings. And more than half of Scots are not familiar with their rights as debt consumers.”

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