Business owners in Scotland have been stepping in to support their employees as the cost of living continues to put financial pressure on individuals.
According to research by Rathbones, 44% of Scottish business owners have provided their employees with regular financial support, while a further 22% have given a one-off lump sum to their staff to help with rising costs.
This is despite many businesses, and in particular smaller firms, also facing a significant uptick in costs, supply chain issues and the tailing down of the Energy Bills Support Scheme this month.
Those in the Highlands and Islands were the most generous to staff, with half (49%) reporting to have offered regular financial support in the last six months.
Business owners in Edinburgh and the Lothians (45%) and those in Glasgow and Strathclyde (41%) have also been providing considerable regular monetary support to their employees.
More widely, Rathbones’ research found that higher earners across Scotland have also been stepping in to support their loved ones.
More than half (55%) of high net worth individuals - defined as those with over £250,000 in investable assets - in Scotland have helped their children or grandchildren over the last six months with regular financial support for bills, with a further 29% having provided a one-off cash payment.
Many have also been regularly supporting extended family members such as aunts, uncles and cousins (37%), as well as their close friends (41%).
Angus Kerr, head of Scotland at Rathbones, commented: “With times tough for many individuals, it’s encouraging to see so many business owners stepping in to support their employees.
“However, it’s vital that business owners are also protecting their businesses and their personal finances throughout this time too.
“With limited support for SMEs currently available, many could see their costs rise significantly in the coming months - ensuring your business is equipped to handle whatever comes next is therefore important.”
The research was undertaken by Censuswide between 7 and 16 February among a sample of 1,001 high net worth individuals and business owners.
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