Scots worried about economic future amid rising cost of living

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New research has found that 72% of Scots believe the economy doesn’t work for the best interests of most people, with 62% saying it mostly works for the benefit of businesses.

The Understanding Scotland A survey was conducted by Diffley Partnership and communications agency Charlotte Street Partners in October, revealing that three-quarters of people believe economic conditions have deteriorated in the past 12 months – while 62% expect to what this downward trajectory continues over the coming year.

The survey, which is part of the inaugural edition of Understanding Scotland report, gathered the ideas and opinions of over 2,000 Scottish people.

It found that a third reported a worsening of their own financial situation in the past 12 months, which exacerbated pre-existing inequalities and hit those most in need hardest.

People in Scotland’s poorest communities are 10% more likely to report a deterioration in their finances than the better-off.

Meanwhile, 42% of the population are satisfied with the level of their income and 37% are dissatisfied with the extent to which their income covers their living costs – reaching half that of the most disadvantaged communities.

Mark Diffley, director of the Diffley Partnership, said the findings give policymakers pause for thought ahead of the next budget.

“People are clearly concerned for Scotland’s economic situation and for their own financial well-being.

“An effective policy response that dispels these concerns will require immediate action to stem the cost of living crisis, as well as longer term reforms to reconnect people to the wider economy. “

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