A new survey from Royal Bank of Scotland has found that a third (33%) of people in Scotland don’t feel financially secure or believe they have enough money to live comfortably and afford essential payments (e.g. groceries, utility bills, mortgage and rent payments) in the current Covid-19 climate.
Despite this, three in ten (29%) Scots surveyed admitted that they would be uncomfortable speaking to friends and family about their current financial status and three in ten (30%) said they have previously lied to make themselves seem more financially secure than they are.
Almost two-thirds (63%) of Scots surveyed also acknowledged that they would feel embarrassed to ask family or friends to borrow money, however, more worryingly, three in ten (29%) said they often and always feel depressed when they think about their current financial situation.
The research comes as Royal Bank of Scotland launches its new Financial Flex campaign that will encourage Scots – especially younger generations – to start talking more openly and honestly about their finances to combat growing worries around money. Through a Royal Bank Financial Health Check, anyone, whether a customer or not, can get free advice on how to manage their money better.
Psychotherapist Kelly Hearn, an accredited UK Council for Psychotherapy (UKCP) member, reviewed the findings. She said: “Financial anxiety is high and increasing in this pandemic, particularly among young adults.
“Money worries can lead to enormous shame and so are difficult to discuss. They cut straight to issues of self-worth and feelings of ‘not enough.’ Often people suffer in silence which only compounds the issue. A vicious cycle emerges where financial stress causes mental stress which affects physical health as well, particularly when coping mechanisms like binge drinking or eating are enacted.
“Financial anxieties affect most of us and yet are rarely discussed. It is time to address the taboo subject of money more openly as financial wellbeing is an important pillar of mental and physical health.”
The free financial health check service is available from Royal Bank. It is a review with a highly trained senior personal banker and is currently offered by video.
During the appointment, the senior banker will consider all areas of finances to help customers make the best decisions about what they feel is right for them. The review can also be completed by telephone if required.
To book or for more information, visit:
https://personal.rbs.co.uk/personal/financial-health-check.html