Household finances in Scotland - now and in the future
27th March 2020
New summary statistics have been released today (26 March 2020) on household income for the UK, including Scotland, covering the period up to the 2018/19 financial year. These figures belong to the pre-COVID-19 world but should not be dismissed as irrelevant. They provide a picture of the underlying health of household finances going into this current crisis.
On average, household incomes have been stagnating in recent years, a trend that continued in the most recent data. Median household income was £517 a week in Scotland in the three-year period 2016/17 - 2018/19, or £464 after housing costs have been taken into account.
The largest source of income came from earnings with social security income proving most of the residual. Pension, investment and ‘other' income are important for some, but on the whole is only a small portion of average income.
Does the pattern of income from earnings and social security change depending on how well-off you are? Quite considerably. The two lowest income deciles have as much, or more, income coming from social security than from earnings on average. This contrasts to the overall picture where nearly three quarters of income comes from earnings.
Read the full article At Fraser Of Allender Institutee