A new survey has found that 79% of Scottish people view the economy - as it is currently organised - as working primarily in the interests of the wealthy, while 65% of people feel their financial situation has worsened over the past year.
The research, produced by the David Hume Institute and the Diffley Partnership, found that 49% think that things in Scotland are heading in the wrong direction - the highest percentage providing this answer since the Understanding Scotland report was launched last year.
Dissatisfaction with income levels remains high, with 46% dissatisfied with their income level and a further 55% dissatisfied with their income’s ability to cover the cost of living.
People from the most deprived areas are also being increasingly pushed into financial precarity. One in five have had to borrow money from family or friends and 19% have used a buy-now-pay-later scheme when they otherwise wouldn’t have.
This is despite 22% of this group having changed or looked at changing jobs to earn more and 15% trying, unsuccessfully, to take on more hours or more paid work.
During these tough times, 40% of people have reduced their donations to charity, while rising prices and inflation are pushing 22% of people to cut down on portion sizes to save money. People from the most deprived areas plan to reduce spending on essentials further this upcoming year: 37% plan to spend less on food and drink and household goods and services (38%).
Parents, in particular, are feeling the pressure of current economic turmoil, with 64% are dissatisfied with the ability of their income to cover the cost of living and 28% reflect that their current financial situation is much worse than it was 12 months ago.
This pressure has resulted in 35% of parents losing sleep due to stress or anxiety about personal finances and higher percentages of parents reporting borrowing money from family or friends and using credit cards or buy now pay later schemes than people without children.
Mark Diffley, founder and director of Diffley Partnership, said: "Although concern and anxiety are widespread, we continue to see those in the most precarious situations feeling most vulnerable and ill prepared, particularly those who live in the most deprived parts of Scotland.
"Despite a modest fall in pessimism about the economy over the next year, policymakers and business will be concerned with the finding that spending on non-essential items, like leisure, eating out and holidays, is likely to fall significantly over the coming year."
Susan Murray, director of the David Hume Institute, added: "The cost-of-living is continuing to have prolonged effects in the ways in which people are choosing to spend their money.
"Hospitality and culture industries are being hit hardest as people cut back spending due to rising food and heating costs.
"Although Scots are less pessimistic about the state of the economy next year, we are still witnessing significant financial stress among families with more than one third of parents losing sleep due to financial stress."
This polling gathered insights from more than 2,000 members of the Scottish adult population.
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