Understanding Scotland – Economy November 2023

In the midst of economic uncertainties, Scots maintain a nuanced perspective, with pessimism lingering but to a lesser extent than in previous waves of this research. While acknowledging economic difficulties, there is a noticeable moderation in negativity. Concerns about general economic conditions, while prevalent, have also subsided from previous waves of Understanding Scotland.

The prevailing sentiment about Scotland’s trajectory remains steady, with a majority expressing a belief that the country is heading in the wrong direction. Notably, women and the youngest generation (16-34) are less likely to exhibit this pessimism.

Healthcare and the cost of living continue to dominate public priorities. The cost of living remains a paramount concern, reflecting the enduring impact of economic pressures. Additionally, there is an increased focus on poverty, indicating a shifting landscape within economic considerations.

Belief that the structure of the economy favours wealthy individuals and business persists. Younger Scots tend to perceive the economy as favouring business, revealing a generational perspective.

While there are improvements in income adequacy, dissatisfaction remains notable. Concerns about emergency expenses underline financial fragility, especially for households with children.

Coping with economic challenges, Scots are adjusting spending habits and showing resilience. Financial stress is evident, with a significant proportion reporting losing sleep due to financial worries.

On a more positive note, there is improved confidence in securing another job within three months if they had to, reflecting changes in the labour market. These findings highlight a populace navigating an ever-evolving economic landscape, characterised by subtle shifts in outlook and behaviour.

You can read the report here.