New research has revealed that more than a quarter of Scots felt more financially vulnerable than they did in March 2020.
Mutual insurer Royal London surveyed 2,000 UK adults, finding that 31% attributed this vulnerability during the pandemic to a reduced income, while 13% had a lack of savings to fall back on.
Other reasons included taking on more debt (13%), redundancy and job losses (11%).
When thinking of the future and being able to respond financially to a change in life circumstances, just 17% of people in Scotland say they feel very financially resilient.
In response, Royal London has committed £1.5m over three years to support 10 social enterprises - which are aiming to improve resilience and protect against life shocks - via its Changemakers programme.
Sarah Pennells, consumer finance specialist at Royal London, said: “We know that the pandemic has affected millions of people’s financial resilience and that’s why investing in these inspiring Changemakers is so important.
“Each social enterprise has either direct lived experience, or experience by association, of the problem they’re trying to solve, and this comes with the passion to make a difference - we believe that these social enterprises can create real change and innovation is at the heart of it.”
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