Industry Looks towards Future, Yet Personal Debt Remains Significant Issue

As the Oil and Gas industry moves towards a more stable future, Oil and Gas People reflect on the impact the last few years have had on personal finances.

A recent survey conducted by Oil and Gas People in association with KPMG asked oil and gas industry workers about their experiences.

The results of this survey revealed that 97% of respondents have experienced financial difficulties that were either caused by, or made worse by, the downturn in the sector.

As many as 35% reported a reduction in personal income of over £50,000 per year.

Over half admitted their total level of debt had increased in recent years, with many worried about their ability to meet payments over the next 12 months. More than 60% expressed concerns about their ability to pay their mortgage.

In Scotland, there are several options available to those struggling with debt, giving consumers the time and breathing space to pay back what they can afford.

Securing this ‘breathing space’ now in anticipation of improved market conditions may be exactly what many Oil and Gas workers need.

Recent improvements in oil price look positive for the sector, and may drive an increase in activity and employment opportunity, yet the timings associated with this are still uncertain.

With over 20 years of experience, and dedicated experts in locations throughout Scotland, KPMG has already helped over 20,000 people in Scotland become debt free.