MORE than half a million indebted Scots believe that the soaring cost of living is the main reason for their financial woes, according to a survey published today.

Rising prices in the shops and a looming spike in energy bills have dominated news headlines in recent months.

The poll carried out for Citizens Advice Scotland found that 52 per cent of adults north of the border who have been in debt or at risk of debt since the start of the coronavirus pandemic identified the rising cost of living as the key driver. This amounts to 558,382 people.

The analysis suggests that Scots “are finding themselves in debt through circumstances almost beyond their reasonable control,” said the charity’s financial health spokesman Myles Fitt said.

Households are facing the biggest squeeze in living standards since records began in 1956-57, with inflation potentially reaching a 40-year high of 8.7 per cent in the fourth quarter of 2022, according to the Office for Budget Responsibility.

Energy prices are set to rocket next month, with the average household expected to pay £1,971 from the beginning of April as the energy price cap is increased.