Scots up to high doh about dough

The research – which polled 2,283 people across the UK, including 180 people in Scotland – also found that Scots are the least likely to feel confident their finances are in order, with 59 per cent saying they don’t feel confident their finances are in the best shape.

This compares to 58 per cent of people in the English south east and 53 per cent of people in the east midlands and the south west.

Comparing financial behaviour across different regions in the UK, the Scots rank fifth in the amount of time they spend checking their pensions – an average of 0.64 hours a month – and come in at seventh in the amount of time they spend on investing – an average of 0.92 hours.

Key statistics from the research include:

◆ With over a third of Scots worrying about finances every day and being second in the financial worry stakes only to Londoners, they are only in sixth place in time spent on financial planning, and in fifth place with time spent on budgeting at 1.15 hours a month.#

◆ Londoners are most likely to worry about their finances with over a third (38 per cent) saying they fret about money every day– the Scots are next (36 per cent), with people in the English east midlands and Wales coming in third (joint 33 per cent).

◆North-west of England residents spend the most time budgeting, at an average of 1.49 hours a month, with the north-east in second (1.36 hours), followed by the east midlands (1.35 hours). Scots come in fifth, with an average of 1.15 hours a month, and the Welsh spend the least time at 0.92 hours a month.

◆ Scots are the most likely to find thinking about their finances overwhelming (44 per cent), followed by Londoners (43.7 per cent), and people in the south-east (42 per cent). East midland citizenss are least likely to find thinking about their finances overwhelming (26.5 per cent).

David Bremner, divisional director at Canaccord Wealth, says: “Scots worrying about their finances is indicative of how a lot of people are feeling about their financial situation at the moment.

“With fears mounting over inflation and interest rates, it’s good to be on the front foot with regards tofinances – planning ahead can help to allay any financial fears Scots might have and help them to feel more prepared. It’s good financial behaviour to put some time aside each month to budget, plan and check your pensions, savings and investments.”