You are here

BoS savings report ‘shows the grim reality’ for many Scots

The Bank of Scotland have released figures today (Wednesday) showing that many Scots are having to dip into their savings just to meet the rising cost of living.

Responding, Citizens Advice Scotland’s Chief Executive Margaret Lynch says: 

“This report shows the grim reality of what life is like for Scotland’s families in today’s economy. Sadly, CAB advisers see these realities every day in the growing numbers of people who are coming to seek advice on financial problems. 

“The economic equation is simple: basic living costs are going up all the time, while household incomes are frozen, or falling. So people are struggling just to pay for the essentials in life – things like rent or mortgage, fuel and food. There’s not much left to save. And indeed many people are having to use their savings to help them get by.  And those who don’t have significant savings are having to get into debt, or go without essentials like food and fuel altogether. 

“Anyone who is in debt or struggling with their finances can go to their local CAB and ask for help. We can’t promise to solve all your problems but our advice is free, confidential and independent, and our trained advisers will listen sympathetically and give you the best advice we can.”

CAB tags