Millions expect to save less during cost-of-living crisis, charity warns

Millions of people in Scotland anticipate saving less during the cost-of-living crisis, according to new analysis by a charity.

Citizens Advice Scotland (CAS) drew on polling by YouGov which found that 50% of people questioned said they expect to save less while 37% anticipate having to dip into savings.

According to CAS analysis, this equates to an estimated 2.3 million adults in Scotland expecting to save less, and 1.7 million expecting to have to dip into their savings.

The charity warned that people are struggling to keep up with essential spending and said they may find themselves at risk of debt as a result.

CAS is running a “Debt Happens” campaign, encouraging anyone worried about money and bills to seek advice as soon as possible.

The charity’s financial health spokesperson Jemiel Benison said: “The cost-of-living crisis will have a long-term impact on people’s financial resilience, as many save less or dip into their savings to meet essential everyday costs.

“That is something policymakers should be aware of in the long term, but if people are worried about money they should be seeking advice from the Citizens Advice network.

“That can be one on one in a local CAB, or through a range of online resources where people can get the advice and information they need in a way that suits them. The place to start is at www.cas.org.uk/debt-happens.

“It understandable that people are cynical and think there is no help out there, but one in six people who sought advice last year from the Citizens Advice network saw a financial gain, the average value of which was over £4,200.”

CAS stressed that its advice is free, impartial and confidential.

The YouGov survey of 1,002 adults was carried out in November last year.