New research commissioned by StepChange suggests a steep rise in the number of people in Scotland turning to credit to help pay for Christmas this year. Squeezed household finances and the highest level of inflation for decades have resulted in fewer than one in five (18%) of Scots saying they would comfortably be able to afford Christmas this year, compared with 44 per cent last year.
The survey by YouGov for StepChange Scotland found that nearly one in three (30%) Scots expected to struggle with finances over the festive fortnight with 31 per cern admitting to cutting back on their normal expenses to fund seasonal spending. The ongoing cost of living crisis was attributed as being the main reason for a shift in attitudes towards spending.
If you’re worried about managing your money in the new year, the 50/20/30 rule could help you stay in the black and keep your finances on track. This is a simple way of prioritising how you spend your hard-earned cash.
