85% of Scots are changing how they manage money because of Covid-19

New research has revealed that the financial uncertainty of 2020 means 85% of people in Scotland will change the way they manage their personal finances in the immediate and long-term future.

Credit reference agency Equifax found that although around a third (34%) of Scots said last year brought greater financial uncertainty, 16% have entered this year feeling positive about their finances.

A further 54% of those who experienced financial uncertainty in Scotland said they are now trying to be more frugal, compared to 46% of the wider UK.

However, 31% of Scots feel confident about their finances going into 2021, compared to just 19% of the UK as a whole.

The survey showed that 46% of Scottish respondents are trying to spend less disposable income each month.

Breaking down the demographics, 70% of 18 to 34 year-olds across the UK said 2020 brought them financial uncertainty, steadily decreasing across all

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