David Hume Institute David Hume Institute

Understanding Scotland Economy Tracker - November 2024

Our quarterly economic tracker from a panel of over 40,000 people in Scotland reveals green shoots of optimism in August have faded and poses big questions ahead of the Scottish Budget.

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.

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David Hume Institute David Hume Institute

Understanding Scotland Economy Tracker - August 2024

Our quarterly economic tracker from a panel of over 40,000 people in Scotland reveals green shoots of optimism appearing

29th August 2024

Our independent quarterly tracker has revealed that one in three (36%) people living in Scotland consider the cost of living as one of their top concerns, down 12% on this time last year.

According to the Understanding Scotland Economy Tracker from the David Hume Institute and polling experts the Diffley Partnership, while concern about the cost of living has fallen, healthcare remains the key concern for the public, selected by over half (51%) of respondents as a key worry.

The data was collected at the start of August, a month after the General Election, against a backdrop of economic insecurity, mounting concern about public expenditure and a wave of anti-migrant riots.In our first survey since the General Election, data reveals some green shoots of optimism.

  • Over half (54%) of people in Scotland believe that general economic conditions are worse now than a year ago - a considerable fall from the 2 in 3 (66%) that agreed with this statement in May.

  • 1 in 3 (35%) of those that express an opinion believe that general economic conditions are about the same as they were in August of last year, an increase of 11%. 

  • 15% of households with children say they feel better off than a year ago, compared to 10% reporting the same in August 2023 and 9% in August 2022.

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