Understanding Scotland Economy Tracker - November 2024
Our independent quarterly tracker has revealed that 48% of people living in Scotland believe their financial situation is worse than a year ago.
Since August 2024, there has been a six percentage point rise in people feeling that their own finances have worsened in the last year – with 3 in 10 people (29%) admitting they have lost sleep over money.
While 63% believe that the general economic conditions are worse, up nine percentage points, 65% of people said they believe that the general economic conditions will continue to decline, up 13 points on the last quarter.
The latest results for the Understanding Scotland Economy Tracker, from the David Hume Institute and polling experts Diffley Partnership, suggest a growing lack of optimism over the last three months and pose big questions for Shona Robison ahead of the Scottish Budget.
The latest edition of the survey from November 2024 shows that:
More than 1 in 6 people (17%) report strained relationships at home because of money
1 in 6 Scots (16%) report an impact on their physical health due to worries about money
1 in 3 people (32%) report an impact on their mental health due to worries about money
Only 15% say that concerns about money matters have not affected them
3 out of 4 people (75%) believe the economy works primarily in the interests of wealthy people
However, there is not a complete lack of optimism with younger Scots more likely to believe that their financial fortunes will turn. Those aged between 16 and 34 appear more optimistic with 25% saying they believe their own economic situation will get better. This compares to just 6% of 45 to 54 year-olds, 8% aged 55 to 64, and 5% of over 65s.
When looking at the policy priorities for Scots, healthcare and the NHS remains the top priority of Scots with nearly half (47%) citing this as one of the top three issues facing Scotland. A third (34%) cite cost of living and inflation, this has declined eight percentage points from November 2023. One in five (19%) put poverty/inequality among the top three issues facing Scotland.
