The survey gathered opinions of over 2,100 young adults in Scotland
Young Scots remain positive about finances amid coronacrisis. Source: shutterstock.com
According to the research from Bank of Scotland, just 52% of youngsters feel optimistic about what the future has in store for them financially, while only 1 in 4 feels pessimistic.
In fact, 55% of men aged between 18 and 24 are currently the most positive about their financial futures. Overall, those in the North East, South Scotland, and the Lothians (54%) are the most financially optimistic about the years ahead, while the least positive are those in West Scotland.
Meanwhile, 48% of young Scots say their financial outlook has deteriorated because of the pandemic, while only 1 in 10 feels more positive about money.
The financial attitudes of respondents were most negatively affected in the Lothians and Glasgow, with a little over half (53%) feeling worse about money because of the pandemic. This ties in with the finding that more young people living in Glasgow (17%) said they lost their jobs than any other part of Scotland, and the city also saw the highest level of furlough (26%). Overall, 23% of those surveyed said they were furloughed during the pandemic, and 12% lost their jobs.
The survey found that across the nation’s young adults, there are 3 main financial concerns:
- being able to do more than just make ends meet (60%)
- having enough money in retirement (58%)
- being able to afford a house (50%).
When considering the barriers to a secure future, the lack of affordable homes (39%) and the lack of jobs (37%) are seen as the biggest hurdles.
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