WORRYING new research has today revealed that over half of young adults with debt in Scotland are losing sleep over their personal finances.
The research claims that nearly 60% of young adults in debt feel that their mental health is being impacted as a result.
The research has caused concern with young adults in debt being urged to seek help with their finances.
The new findings have revealed that 55% of young adults in Scotland are losing sleep in real-time worrying about personal finances compared to their older counterparts.
The poll, which surveyed over 1,000 Scottish citizens also concluded that more than half of those in the 16-34 age category didn’t know where to access free debt help.
A report in December 2020, by Includem in Scotland confirmed that 61% of young people and families who rely on social security in Glasgow, were in a much worse financial position that they were pre-pandemic, with half saying their debt was higher.
The survey has been conducted by Savanta ComRes and commissioned by National debt charity Christians Against Poverty (CAP) Scotland
The Money and Pension Service (MaPS) anticipates a 60% rise in the number of UK households in need of debt advice by the end of 2021.
The groups most likely to be in the most vulnerable bracket include young adult households, families headed by women and lone parent families.
Emma Jackson, National Director of CAP Scotland said, “We know that the economic effects of the pandemic have had a particular effect on young adults.
“With significant job losses in retail, hospitality and entertainment, it is understandable why large numbers are feeling so worried about their finances.
“Many are experiencing debt for the first time and are unsure what to do. Our message is clear, we urge everyone experiencing problem debt to seek free debt help today.“
