Mental health in Scotland: More than half of young adult Scots in debt lose sleep over their finances

More than half of all young adults in Scotland with debt have lost sleep while worrying about their finances, according to a new study.

A poll of 1,016 Scots found that money concerns impacted the sleep of 55 per cent of those aged between 16 and 34 who had debts.

Furthermore, almost two-thirds (60 per cent) of young adults in debt felt that their finances have negatively affected their mental health.

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The survey, conducted by Savanta ComRes and commissioned by National debt charity Christians Against Poverty (CAP) Scotland, also found that the majority of young adults (54 per cent) did not know where to seek free debt help.

It comes amid rising concerns over the long term financial impact of the coronavirus crisis.

A December 2020 report by Includem in Scotland revealed that 61 per cent 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 Money and Pension Service (MaPS) has announced it anticipates a two-thirds rise in the number of UK households in need of debt advice by the end of this year.

CAP, which operates through a network of churches throughout Scotland, has reported being contacted by clients who have been too afraid to open their post, to answer their phone or to open their front door.

A poll of 1,016 Scots found that money concerns impacted the sleep of 55 per cent of those aged between 16 and 34 who had debts.A poll of 1,016 Scots found that money concerns impacted the sleep of 55 per cent of those aged between 16 and 34 who had debts.
A poll of 1,016 Scots found that money concerns impacted the sleep of 55 per cent of those aged between 16 and 34 who had debts.

One young person from Edinburgh told how he has struggled to find secure employment since the start of the pandemic.

Scott’s debt has worsened since March 2021, pushing him into rent arrears.

The 26-year-old said: “I lost my job on 18th March- two days before furlough came in.

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“Then I got another job, but it went from monthly pay down to weekly.

“I’m struggling with that at the moment,” he added.

“Now I’ve been put on furlough for this job.

The whole thing about the debt management process – it’s scary – but CAP makes it more understandable and easier to manage.

“I’ve recommended CAP to a few of my workmates already,” explained Scott.

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,” she added.

Despite the pandemic, CAP is still arranging client appointments and continuing to offer a lifeline to people in debt.

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CAP is a UK charity that works to reduce poverty by delivering debt counselling, money management, job clubs, life skills groups and support for people breaking life controlling habits.

It has committed to helping everyone - regardless of age, disability, gender reassignment, pregnancy and maternity, race, religion or belief, sex and sexual orientation.

If you are struggling with debt and require help, you can contact the charity by calling 0800 328 0006, or visit its website here. capuk.org

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