Understanding Scotland - Economy

Primary Author or Creator:
Mark Diffley
Diffley Partnership
Alternative Published Date
October 2021
Type of Resource:
survey report
Length (Pages, words, minutes etc...)
Fast Facts

People are feeling the financial sting of the pandemic. They are pessimistic about the economic and financial outlook. And with concern over rising prices. There is evidence of dissatisfaction with prevailing economic indicators and models. There is an appetite for a different economic settlement.

More details

01  3 in 4 people in Scotland believe that general economic conditions are worse now than over the past 12 months, and a third report that their own financial circumstances have deteriorated over the same time frame.

02  62% anticipate worsening economic conditions over the coming year. and 32% expect their financial situation to deteriorate. Only 15% and 17%, respectively, expect economic conditions and their own finances to get better.

03 People in the most deprived fifth of communities were 10 percentage points more likely to report a deterioration in their financial circumstances than those in the most affluent areas, while 61% of the unemployed and 52% of the inactive and unable to work have seen their situation worsen.

04 37% of people report that their income is not satisfactorily meeting their costs of living, rising to 50% in the most deprived fifth of neighbourhoods. 81% of people anticipate spending more on utility bills in the coming year, and 59% expect to spend more on food and drink.

05  Less than a third (31%) of people are satisfied with their balance between paid and unpaid commitments, and 22% are dissatisfied. People in the most affluent areas are twice as likely as those in the most deprived areas to be satisfied with their work-life balance.

06  42% of people in Scotland believe that the pandemic has shown the need to move away from GDP as an indicator of success, with only 14% disagreeing, and 59% believe there is a tension between economic growth and environmental prosperity.

07  45% judge that economic growth is the most effective way of improving living standards and wellbeing for the average member of society, with only 26% disagreeing.

08  62% believe that the economy, as it is currently organised, works primarily in the interests of business. Only 12% saying it works in the interests of most people, while 72% say it does not.

09  3 in 4 believe that the pandemic has shown the need to re-evaluate who creates real value in the economy, and 62% say it has shown the need to move to a wellbeing economy.

10  Only 16% of people said that the pandemic would ultimately change the economy for the better, compared to 54% disagreeing.