A new report from the investment service Wealthify reveals that many Scottish people are unable to save for the future because of “zero hour contracts, insecure work and low pay.” Moreover, according to the report, Scottish women save less than half of the money of men, and 10 times less than some areas of England. Using certain tools to help to save can its benefits. There is a structure to follow, making it easier to stick to. If debts need to be paid, enlisting the help of a debt expert or debt management company, like Hello Resolve, can assist in paying back any debts as well as teaching basic money management.
Campaigners have proposed a universal basic income (UBI) in response to this–such as Kirstein Rummery, Professor of Social Policy at the University of Stirling, whom Nathanael Williams interviewed in a Commonspace article about the Wealthify report.
Rummery said, “The only real policy solution would be Universal Basic Income – which would not only mitigate against income insecurity but tackle poverty effectively and lead to a huge economic stimulus.”
She continued, “It is clear that several factors are coming together to make the financial situation particularly precarious for groups of Scots.”
Rummery believes that a UBI might also serve to offset the gender imbalance. Zero hour contracts and pay freezes affect low-paid workers the most, who are mostly women in the public sector. The same for the withdrawal of benefits for the disabled and social care services because of funding constraints. The rise in housing costs exacerbates the situation.
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Nathanael Williams. Universal Basic Income can be “real solution” as women and low paid face “perfect storm” of debt. (CommonSpace).
Image Credit: Ken Teegardin
