A new survey has revealed that a significant majority of British adults – nearly two-thirds (65 per cent) – dedicate a substantial portion of their week to financial anxieties.
On average, individuals grappling with money worries spend approximately 22 hours each week contemplating concerns such as covering household bills, monitoring bank balances, and questioning the long-term sustainability of their funds.
This extensive financial preoccupation is most pronounced in the North East of England, where those affected spend an average of 26.6 hours weekly consumed by such thoughts.
Residents in the North West follow closely at 24.6 hours, alongside the South West at 24.0 hours. Conversely, Scots appear to be the least burdened by these concerns, reporting an average of 17.3 hours spent worrying.
The findings emerge from research commissioned by the thinkmoney app.
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, according to the research carried out among more than 2,000 people across the UK in June.
People in households earning less than £15,000 who worry about money spend an average of 29.2 hours a week with finances weighing on their minds, while those in households earning more than £100,000 average 16.2 hours.
More than three in 10 (31 per cent) people said they had cut back on food, heating or other essentials because of money worries.
More than a quarter (28 per cent) said they had checked their bank balance multiple times in a single day looking for reassurance.
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By contrast, 17 per cent had avoided checking their balance because they were worried to look at it, while 13 per cent had avoided opening bills, letters, emails or banking apps.
The research also found that the impact of financial concerns goes beyond bank balances.
Three in 10 (30 per cent) people said worrying about money had stopped them making plans for the future during the past year.
More than a quarter (28 per cent) said it had affected their confidence around everyday spending, and the same proportion (28 per cent) said it had stopped them feeling in control of their lives.
More than one in four (26 per cent) said money worries had made it harder to relax during their free time.
More than a fifth (21 per cent) said money worries had stopped them seeing friends or family as often as they would like and 17 per cent said financial concerns had prevented them being fully present with friends or family.
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.
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“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.”
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 the risk of missed payments. There may also be some forgotten subscriptions in bank statements that people can cancel to help improve their financial position.
Those who are struggling to pay back debts may also want to consider speaking to their lender to find out what options may be available.
Charities such as StepChange, Citizens Advice and Christians Against Poverty may also be able to provide support.
Here are the average numbers of hours that people said they spend worrying about money in a typical week, among those who worry about money, according to thinkmoney:
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
