YOUNG Scots have been hit harder by the recession than any other group in the UK, according to new research.
Four out of five Scots aged between 20 and 29 have been forced to change their lifestyles dramatically due the credit crunch.
And 87 per cent have changed their attitude to money as bankruptcy and home repossessions have soared.
Clydesdale Bank found that almost half of Scots in their 20s now save for bigger purchases rather than using credit and over one third now put aside whatever they can every month – for fear that the recession will deepen.
The survey also found that a quarter of Scots won’t be going on holiday this year for fear that they will rack up the debt.
Over all of the age groups the survey showed that Scots have had to change their lifestyles to a greater extent than those south of the border.
And more than half of those reckon they shop around more for discounts and bargains than they used to.
Steve Reid, the bank’s Retail Director said the recession had drastically changed people’s attitudes towards spending and saving.
He said: “The impact may have come as a greater shock for the younger generation, many of whom haven’t been affected by a recession before.
“But as the survey reveals, it is encouraging to see this generation adopt a prudent attitude towards saving for the future.”
But many graduates in particular are also thought to be struggling in the recession as jobs dry up and living costs continue to rise.
Lynsey Crerar, 23, graduated from the University of Edinburgh last month, but reckons that she’ll have to take part time jobs and reign in the spending to stay in the black.
“I think many graduates are going to have to take low paid jobs and forget about paying back student loans for now. At the end of the month there isn’t much spare for going out with friends.
“It’s difficult as few companies of any kind are taking on staff at the moment, and many of the graduate schemes are just not taking people this year.”