Young people in Scotland are generally upbeat about their money prospects, according to new research.
More than half (52%) feel optimistic about what the future has in store for them financially, while only one in four (25%) feels pessimistic.
According to the Bank of Scotland survey among more than 2,100 young adults, men aged between 18 and 24 are the most positive about their financial futures (55%).
Overall, those in the north-east, south Scotland, and the Lothians (54%) are the most financially optimistic about the years ahead, while the least positive are in west Scotland.
Coronavirus knocks confidence
Though the overall picture is positive, the effect of the Covid-19 pandemic has taken its toll on the financial outlook of young Scots. Almost half (48%) say their view has deteriorated because of the pandemic, while only about one in 10 (11%) feels more positive about money.
The financial attitudes of respondents were most negatively affected in the Lothians and Glasgow, with a little over half (53%) feeling worse about money because of the pandemic.
This ties in with the finding that more young people living in Glasgow (17%) said they had lost their jobs than any other part of Scotland, and the city also saw the highest level of furlough (26%).
Overall, around a quarter (23%) of those surveyed said they were furloughed during the pandemic, and one in eight (12%) had lost their jobs.
Bank of Scotland director Pete McCarthy, said: “It’s clear the pandemic has taken its toll on our young people, with almost half saying they are less positive than they were, so it’s reassuring to see the overall picture remains one of a positive financial outlook.”
Across the nation’s young adults, there are three main financial concerns – being able to do more than just make ends meet (60%), having enough money in retirement (58%) and being able to afford a house (50%). When considering the barriers to a secure future, the lack of affordable homes (39%) and jobs (37%) are seen as the biggest hurdles.
On average, 18 to 34-year-olds in Scotland have £2,736 in savings. Young men in the Lothians have the biggest nest eggs, worth £2,982. Women in the Highlands and Islands have the least saved, with £2,092.