- Nearly 4 in 10 say they wouldn’t ask for financial help if they were in trouble due to embarrassment
- 81% say they feel anxious about their financial situation
- 44% say they feel more worried about their financial situation now, compared to a year ago
New research has revealed that those in Scotland are the most at risk of financial turmoil due to embarrassment about their financial situation.
The findings, which were part of a UK-wide study by financial comparison website, NerdWallet UK, found that those in Scotland – alongside those in the South West – are the most likely to not seek help should they find themselves in financial difficulty due to the embarrassment around the topic.
Almost two-fifths of those surveyed said that embarrassment would stop them from seeking help, while just under one-third would be concerned about the impact doing so would have on their credit history, as well as worries around confidentiality. The same number also believe they can manage on their own and do not need external help.
Other reasons which would stop Scots from getting help include, the cost of getting financial advice (29%), and worryingly, just over a quarter said they were not aware of any organisations to help them with debt, or how to contact them.
If I was struggling financially, the following would stop me from asking for help – Scotland:
| Reason | Percentage who agreed |
| I would feel embarrassed | 37% |
| I’m worried about the impact on my credit history | 31% |
| I’m worried about confidentiality | 31% |
| I think I can manage on my own | 31% |
| I don’t want to pay for advice | 29% |
| I don’t think my financial situation is serious enough | 28% |
| I’m not aware of the debt help organisations or how to contact them | 26% |
| I don’t want to speak about my problems on the phone | 23% |
This is despite 81% of Scots saying they feel anxious about their financial situation, and 25% saying these feelings are daily occurrences.
Furthermore, 44% of respondents in Scotland say they feel more worried about their financial situation now, than they did a year ago.
When asked who they would go to or help first, almost half (48%) said they would speak to their partner or close family member, while 12% said they would speak to a friend.
Adam French, senior editor at NerdWallet UK, said, “It’s worrying that so many Scots would not get help due to embarrassment. Struggling financially is never something to be embarrassed about, and if the cost of living crisis has taught us anything over the last 18 months, it’s that financial trouble can happen to any of us, at any time.
“Getting help when you first find yourself in financial difficulty, and not burying your head in the sand can help to relieve a lot of stress and anxiety around money, and find a way out before things get worse.
“There are plenty of independent experts and companies available to speak to, for free, including Granton Information Centre, the Citizen’s Advice Bureau and Step Change. Everything is confidential, and discussing concerns will not impact your credit score.”
For information on NerdWallet, and to view the full dataset, visit:
https://www.nerdwallet.com/uk/personal-finance/money-and-mental-health-study/
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