Adults in the North East spend 26.6 hours a week worrying about money, the highest in the UK, according to a new survey commissioned by the thinkmoney app. The national average sits at 22 hours.
The research, carried out among over 2,000 people across the UK in June, indicates that 65% of adults in the UK are dealing with some kind of financial concerns during a typical week. Worries include whether bills are covered, checking balances, and wondering if money will last.
Income disparities
People in households earning less than £15,000 spend around 13 hours more a week worrying about money than those earning over £100,000, according to the study.
31% of people said they had cut back on food, heating, or other essentials because of their financial worries. 28% said they had checked their bank balance multiple times in a single day, looking for reassurance. By contrast, 17% avoided checking their balance, and 13% avoided opening bills, letters, emails or banking apps.
Impact on daily life
30% of people said worrying about money had stopped them making plans for the future over the past year, and 28% said it impacted their confidence around everyday spending, and stopped them feeling in control of their lives.
26% of those asked said that financial concerns made it harder to relax during their free time, 21% said that it stopped them seeing friends or family as often. Around 17% also said that financial concerns had prevented them being fully present with friends or family when they were around them.
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."
"It’s someone checking their banking app for the fourth time that day even though they know nothing has changed, trying to enjoy dinner with your friends while part of your brain is still working out whether the bill will knock you off course. When you look at the wider findings, you can see how that pressure spills into the rest of people’s lives."
"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. What really struck me was that people respond to uncertainty in completely different ways."
"Some check their balance over and over again looking for reassurance, and others avoid opening their banking app because they’re frightened of what they’ll find. On the surface those behaviours couldn’t look more different, but they’re often driven by exactly the same feeling, not quite knowing where you stand."
Those who are concerned about balancing their budget may feel supported by online budgeting tools, such as those on the government backed MoneyHelper website.
