Weight loss jabs are pushing people into an average debt of £1,600

A new study by Thinkmoney has found that two in five (39%) people currently using private weight-loss injections are getting themselves into mounting financial difficulty to fund the treatment.

According to the survey, the average debt is exactly £1,616, with people’s preferred option to put the cost on a credit card (50%).

Almost as many (49%) are dipping into savings, a quarter (25%) have gone into their overdraft and almost one in five (17%) has cracked into their emergency fund in a bid to afford the jabs.

In total, nearly one in ten (8%) said they would miss a scheduled payment to pay for a jab, whilst 6% say they’ve already missed or delayed a payment to get the treatment. The study, which was commissioned by all-in-one banking app Thinkmoney, quizzed 1,040 people who are currently using weight-loss jabs.

It found people are spending £210 a month on average. Nearly a quarter of respondents (23%) said they felt trapped in a financial cycle they can’t get out of, and 21% said that if the cost goes up any higher, they’ll have no choice but to stop using.

According to the latest best estimates, around 1.6 million UK adults have used these injections in the past year and mostly through private prescriptions rather than the NHS. The NHS recommends these jabs for people who are overweight with obesity-related health risks, not for people who just want to get a bit slimmer. But according to this report by Thinkmoney, just under one in six (15%) haven’t even told their doctor that they’re taking it, and just under a quarter (24%) are worried that if they stop taking the jabs, the weight will pile back on.

Vix Leyton, Consumer Expert at Thinkmoney, said “When these injections first came to market, the costs were easier for many people to justify. But as more users stay on them long term, and with no real limit on what private providers can charge in a supply-and-demand market, this can quickly become a risky financial habit.

“The health benefits are rational, but there’s also something deeply emotional at play. For people who have spent years trying every diet and programme going, the fear of regaining weight is a real spectre. And when that fear starts to outweigh the risk of slipping into debt or financial insecurity, it’s a sign that money pressures are being pushed into the background.

“What’s often overlooked is what happens if someone is suddenly financially cut off from treatment. If people are forced to stop because they can no longer afford it, there can be physical and emotional consequences. That makes it even more important that anyone starting these jabs thinks about whether they can afford the journey, not just the first few months.”