The survey, which polled more than 3,000 UK adults found that 47% of Scots identified pensions as their top Budget issue. This was the highest of any category and above the UK-wide average of 44%, amid speculation about a possible cap on pension contributions made through salary sacrifice.

By contrast, income tax – focused on concerns over the extension of frozen tax thresholds – ranked as the second most cited concern nationally (40%) but was mentioned by only 29% of Scottish respondents, making it the fourth most cited issue in Scotland.

Inheritance tax and how the Budget effects personal finances ranked joint second among Scottish respondents, each cited by 32% – slightly below the national averages of 35%, respectively.

The findings come as the UK government prepares its Budget, which sets the overall fiscal framework for the country and determines the block grant allocated to Scotland – a major source of funding for devolved public services.

The Scottish government then sets its own Budget, using the block grant and revenue from devolved taxes such as income tax and land and buildings transaction tax to fund services like health, education, and transport. The Scottish Government is expected to outline its tax and spending plans for the year on 13 January 2026.

Angus Kerr, head of Scotland at Rathbones, said: “These findings underline what we hear every day from clients across Scotland: long-term financial security is front of mind.

“Pensions remain a cornerstone of that security, and with increasing longevity and evolving tax landscapes, proactive planning is essential. While speculation ahead of the Budget can create uncertainty, our guidance is to stay focused on fundamentals – robust pension strategies, inheritance planning, and disciplined investment approaches. By doing so, people can navigate change with confidence and protect their future prosperity.”

Kindar Brown, senior financial planner at Rathbones’ Edinburgh’ office, said: “As the Scottish Government sets its own tax and spending plans, Scots may feel somewhat insulated from the noise surrounding UK-wide speculation on income, wealth, and property taxes.

“However, with increasing longevity and a growing welfare bill, concerns around pensions and inheritance tax remain high. These issues strike at the heart of long-term financial security, and the data suggests they are front of mind for many in Scotland as the Budget approaches.”

Other areas of lower concern in Scotland compared to the national average include:

• Capital gains tax: 16% in Scotland vs. 21% nationally
• Wealth or property taxes: 18% vs. 24%
• National insurance thresholds: 11% vs. 15%
• Tax on buy-to-let or second homes: 5% vs. 10%