To mark Stress Awareness Month this April, Scotland’s leading debt help company Carrington Dean, is encouraging people to talk about their money worries to ease the impact of the cost of living crisis on their mental health.
Data from Carrington Dean shows that the Shetland Islands has the highest level of personal debts in Scotland, currently standing at £24,180.
The Shetland Islands are followed by the Outer Hebrides, East Renfrewshire and Aberdeen City as the council areas with the highest level of personal debts.
The national average personal debt level currently stands at £16,133.
The cost-of-living crisis is continuing to have a significant impact on personal finances. From April, people in Scotland are facing varied council tax rises of at least 4%, with Orkney islanders looking at a rise of 10%.
Households are also facing increased energy costs after the government ended the £400 winter discount and the recent rise in interest rates announced by the Bank of England is driving further rises in mortgage and rent payments.
| Council | Average Debt Level |
| Shetland Islands | £24,180.29 |
| Na h-Eileanan Siar (Outer Hebrides) | £19,001.37 |
| East Renfrewshire | £18,270.83 |
| Aberdeen City | £17,423.78 |
| Renfrewshire | £17,050.02 |
| West Dunbartonshire | £16,995.18 |
| Clackmannanshire | £16,814.06 |
| South Ayrshire | £16,811.02 |
| East Lothian | £16,788.20 |
| South Lanarkshire | £16,653.93 |
More than half are worried about cost of living crisis and mental health
Graeme MacLeod, director of compliance at Carrington Dean, said:
“A YouGov survey commissioned by the Royal College of Psychiatrists (RCP), found that more than half of people across Scotland are concerned about the impact of the cost-of-living crisis on their mental health.
“And while doctors are calling on the Scottish Government to reverse the freeze on mental health budgets, it’s important we recognise there’s another solution to helping ease the impact of the crisis in the meantime that doesn’t cost a penny – it’s time to talk.”
According to the Mental Health Foundation, a third of Scottish adults are experiencing poor-quality sleep as a result of worrying about their finances.
These worries mean that a quarter are meeting with friends less often and people are turning their backs on hobbies, risking further damage to their mental health.
Scots less likely to talk about their finances
Graeme added: “In my experience Scots are fiscally conservative. Many of us inherit a stiff upper lip when it comes to discussing our finances. We’re often taught from a young age that no one should know how much you have, or don’t, and that talking about money is uncouth.
“That attitude can only exacerbate money troubles, leading people down a dark and lonely path.
“It’s no secret that debt is the final taboo but there’s no place for judgment or ignorance when it comes to money worries in a modern Scotland.”
As well as speaking to friends and family about any financial pressures people may be facing due to the cost of living crisis, Carrington Dean is encouraging people to seek further support if they are struggling to find a solution to rising debts.
Graeme explained: “Scotland is leading the way with progressive debt help through the Debt Arrangement Scheme – a forward thinking solution not available elsewhere in the UK – and continues to provide support through Protected Trust Deeds.
“Talking about debt isn’t easy but one conversation can change everything. Whether it’s opening up to a friend, colleague or a professional advice service, there’s a host of support available.”
