Glenrothes Residents Struggling Financially

Which? puts spotlight on Scottish consumers.

New research from Which? has examined how people in Scotland are coping financially and reveals the most financially distressed areas in the country.

In a new report exclusively on Scottish consumers, Which? has found 36% of households, that's 800,000 across the country - are feeling financially squeezed, with the constituency of Glasgow East the most distressed area.   

Just a quarter (24%) say they are living comfortably on their incomes, with energy (80%), fuel (75%) and food (71%) prices the top consumer worries. 

Around four in 10 (44%) Scottish consumers say they are concerned about the level of their household debt and more than half (53%) are worried about their level of savings. 

Despite the squeeze six in ten (59%) Scottish consumers say they are satisfied with their standard of living with seven in 10 (69%) telling us they will put more or the same amount of money away in savings in the coming year. 

However worryingly three in 10 (31%) people who are not retired are not contributing to a pension and have no plans to do so in the next year and nearly two thirds (64%) say they don't know how much they will need to save to live comfortably in retirement. 

Scottish consumers also lack trust in many of country's key industries like banking and energy. Fewer than one in five (17%) Scottish consumers trust providers of long term financial products, like pensions and insurance, to act in their best interest and a similar percentage (18%) say the same of gas and electricity suppliers. This compares to 50% who trust Scotland’s water provider and 52% who trust companies in the food and groceries industry.

Head of Which? public affairs for Scotland, Gordon MacRae, said:

"Our research provides a unique insight in to how consumers are coping financially and where the squeeze is being felt across Scotland.

"It is good that many people in Scotland are feeling confident about their standard of living but the cost of essentials remains high and there remains levels of worry about household debt and savings. It is also clear that businesses, particularly in banking and energy, have more to do to win back consumers' trust."

The 10 most financially distressed constituencies are: 

1.    Glasgow East

2.    Glasgow South West

3.    Glasgow North East

4.    Glasgow North West

5.    West Dunbartonshire

6.    Caithness, Sutherland and Easter Ross

7.    Na h-Eileanan an Iar

8.    Glenrothes

9.    Airdrie and Shotts

10. Banff and Buchan