Nearly two-thirds (65%) of adults spend time worrying about money during a typical week, a survey commissioned by the thinkmoney app has indicated. Those affected spend an average of around 22 hours per week thinking about issues such as whether bills are covered, checking balances and wondering whether their money will last.
Regional and income variations
People in the North East of England who worry about money were found to spend the longest time, averaging 26.6 hours a week. They are followed by those in the North West (24.6 hours) and the South West (24.0 hours). Those surveyed in Scotland spent the least amount of time worrying, at 17.3 hours.
People in households earning less than £15,000 spend around 13 hours more a week worrying about money than those earning more than £100,000. Those in lower-income households who worry about money spend an average of 29.2 hours a week, while those in higher-income households average 16.2 hours.
Impact on daily life
More than three in 10 (31%) people said they had cut back on food, heating or other essentials because of money worries. Over a quarter (28%) said they had checked their bank balance multiple times in a single day looking for reassurance. By contrast, 17% had avoided checking their balance because they were worried to look at it, while 13% had avoided opening bills, letters, emails or banking apps.
The research also found that financial concerns go beyond bank balances. Three in 10 (30%) people said worrying about money had stopped them making plans for the future during the past year. Over a quarter (28%) said it had affected their confidence around everyday spending, and the same proportion (28%) said it had stopped them feeling in control of their lives.
More than one in four (26%) said money worries had made it harder to relax during their free time. Over a fifth (21%) said money worries had stopped them seeing friends or family as often as they would like, and 17% said financial concerns had prevented them being fully present with friends or family.
Expert comment
Vix Leyton, a consumer expert at thinkmoney, said: “We often measure money problems in pounds and pence, but this research suggests the real cost is something much more valuable – our time and attention. Twenty-two hours isn’t just a statistic; it’s the parent mentally adding up the supermarket shop before they’ve reached the checkout and not enjoying their toddler singing in the trolley.”
She added: “It stops people making plans, affects confidence, changes how people spend their free time and, for some, even changes how they interact with the people closest to them.”
Advice for those struggling
People who are concerned about balancing their budget may find it useful to use online budgeting tools, such as on the Government-backed MoneyHelper website. Opening bills and going through statements can help people understand their financial position and avoid missed payments. There may also be forgotten subscriptions to cancel.
Those struggling with debts may want to speak to their lender about available options. Charities such as StepChange, Citizens Advice and Christians Against Poverty may also provide support.
Average weekly worrying hours by region
- North East – 26.6
- North West – 24.6
- South West – 24.0
- East Midlands – 22.5
- West Midlands – 22.2
- Yorkshire and the Humber – 21.7
- South East – 21.6
- Wales – 21.1
- London – 20.6
- Northern Ireland – 20.3
- East of England – 18.3
- Scotland – 17.3
