Participants in a hugely popular savings challenge from digital bank Monzo are claiming the year-end financial commitment is now leaving them out of pocket. What began as an 'easy' penny-a-day task has escalated, with daily deductions in December exceeding £3, causing a wave of complaints on social media.
The Challenge That Starts Small But Grows Fast
At the start of 2025, UK-based app-only bank Monzo relaunched its 1p savings challenge for a second year, attracting over a million sign-ups by the end of January. The concept, first introduced in 2024, is designed to help users build a nest egg automatically. It works by transferring 1p into a savings pot on January 1st, 2p on the 2nd, and increasing the amount by a single penny each subsequent day.
By following this pattern for all 365 days of the year, a participant who completes the challenge will have saved a total of £667.95 by December 31st. The bank, which is particularly popular with younger generations, framed it as a painless way to cultivate a saving habit with barely noticeable amounts.
December Dread: The Pinch Point for Savers
However, the reality of the challenge's structure is now hitting home for many. With just over 30 days left in 2025, the daily amount has climbed to more than £3. This significant daily outflow has prompted a chorus of grievances on platforms like TikTok, where users are lamenting the strain on their budgets during an ongoing cost-of-living crisis.
One London-based content creator, @queencecy_, filmed a video to express her frustration. "£3 and 9p left my account this morning. £3.10 is going to leave my account tomorrow," she said, joking that the challenge was effectively 'bankrupting' her. While acknowledging the year-end prize of £667.95, she griped about the timing, saying the deductions felt like a "sneaking" charge alongside other expenses like Transport for London fares.
Another TikTok user, Tasha Penney, shared an image with a weary expression, captioning it: "This Monzo 1p savings challenge is getting a little too serious." Her post resonated with hundreds, with one commenter stating, "The first week was cute. Now Monzo is demanding my kidneys." Others admitted they were only continuing in the faint hope of winning a £10,000 prize draw that Monzo automatically enters participants into.
Is There a Better Way? The Reverse Challenge Secret
In response to the December struggle, several users suggested that Monzo should offer a reverse version of the challenge, starting with a higher daily amount that decreases as the year progresses. Interestingly, a method to do exactly this already exists, though it is not widely publicised by the bank itself.
While Monzo does not automate a reverse challenge, its website points users towards the If This Then That (IFTTT) app. By downloading IFTTT and searching for the 'Reverse 1p Saving Challenge', customers can connect it to their Monzo account. This sets up a pot that begins with a £3.65 deposit on the first day and decreases by 1p daily, finishing with a 1p deposit on the 365th day. The total saved remains £667.95, but the financial burden eases as the year ends rather than intensifies.
The viral reaction highlights a common tension in personal finance: the gap between intention and daily reality. While the Monzo challenge successfully builds a substantial sum, its end-of-year demands have proven a significant hurdle for some, sparking a debate about the most psychologically effective way to save.
