Four in ten feel ‘mentally exhausted’ by money worries

The rising cost of everyday essentials is taking a growing toll on mental wellbeing, according to new research from cashback shopping app Tuck.

Tuck surveyed more than 3,000 consumers and found that 40% of adults feel mentally exhausted by financial worries either every day or several times a week, while nearly one in five (18%) say they feel anxious about money every single day. Just 7% say money does not cause them any anxiety.

The data shows that the pressure is hitting women and those on the lowest incomes the most; 39% of women say they feel mentally exhausted by money issues either every day or several times a week, vs 35% of men. Those on lower incomes are almost three times as likely to see their mental health affected by money issues than those on higher salaries; 33% of those on a household income of less than £20,000 say they feel worried every day, compared with 12% on household incomes above £50,000.

On average, households are spending £94 on the weekly shop – on average around £24 a week more than last year. As a result, affording groceries emerged as the biggest source of day-to-day financial anxiety, with lower grocery costs (61%) topping the list of changes people believe would have the greatest positive impact on their finances.

The financial pressure is forcing many households to make increasingly difficult decisions; almost two-thirds (61%) are buying fewer treats and snacks, while 19% admit they have started skipping meals or eating less because of rising costs. Women are twice as likely as men to say they have skipped meals because of food costs (20% compared with 12%) with parents (24%) more likely to cut back on their own meals than those without children (14%).

More than a quarter (28%) of respondents say they have either become vegetarian or significantly reduced the amount of meat they buy to cut costs, with women more than three times as likely to have gone meat free than men (50% vs 14%) and one in three (33%) parents saying they have cut down or cut out meat compared with 25% of non-parents.

Neel Thakrar, CEO of Tuck. said “Financial pressure doesn’t just affect people’s bank balances; it has a real impact on their wellbeing too, with the vast majority of people saying they feel mentally exhausted by managing their day-to-day finances. Our data shows that, on average, families are having to spend 34% more (£24) on the same weekly food shop compared to a year ago, and that is forcing them to make changes, like cutting down on treats, buying less meat and even skipping meals. Lower grocery costs is the single biggest factor that respondent say would ease their financial anxiety.”