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to 7,765) but more recently this trend has accelerated with an increase in personal insolvencies of 12.9% in Q4 2021-2022 compared to Q4 2020-21. A 12.9% increase in personal insolvencies in Q4 2021-2022 compared to Q4 2020-21 reveals a small decline in bankruptcies in that
period (a decline of 2%) but a 21% increase in the number of Protected Trust Deeds. This likely refl ects the emergency legislation put in place during the pandemic, which increased certain debt thresholds for bankruptcies which made entry to that process more diffi cult. It has been an arduous two years for many people and their personal fi nances but we are now emerging from that period. However, while the pandemic was an
It has been an arduous two years for many people and their personal fi nances but we are now emerging from that period. However, while the pandemic was an opportunity for some to save money, others have had no choice but to borrow to make ends meet
May 2022
opportunity for some to save money, others have had no choice but to borrow to make ends meet. At the same time, the increased cost of living is something we are already feeling the impact of, and unfortunately, it’s showing no sign of slowing down. Unemployment levels have fallen slightly in the last quarter, but an increase in the cost of living across the board and wages struggling
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to keep up with infl ation has meant money worries are prevalent for people in Scotland. Rising energy, food and fuel prices are
key concerns for Scottish consumers. In particular, higher rates of infl ation for essential products are problematic for lower income households because the extra costs cannot be avoided. With budgets already stretched, we may see more and more people turning to credit options, even just to cover their priority bills. Our advice for anyone worried about their
fi nances is not to struggle on alone. Taking early advice about your money worries is hard, but discussing your concerns with a qualifi ed, professional advisor as early as possible will give you more time to make considered decisions to resolve the challenges you might be facing, and the earlier you seek help the more options that might be available to you. CCR
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