A report by the app titled Riding the payday wave found that most Bris are locked into a monthly cycle, whereby spending and saving can spark an incessant worry loop.
RiseUp’s research shows that payday marks the peak of an emotional rollercoaster: a time when just 9% of us feel anxious, compared to 27% who feel relaxed and 26% who feel positive.
The study found that many people are “catching up” on payday, using it as an occasion to pay off bills (77%) and credit cards (39%). However 30% also manage to put something away for a rainy day (32% of men and 28% of women).
The report is based on results from an online survey of 2,027 nationally representative adults conducted in March 2024 by research company Censuswide.
It found that Britain’s middle-aged, in particular, appear to be feeling the squeeze from soaring mortgages or rent costs. They’re twice as likely as young people to report that they have no money left at all every month after paying their bills (12% among Gen X, compared to 5% among Gen Z).
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Unsurprisingly, this also means people are struggling to put money away month by month. A third (31%) of women and 26% of men say they don’t know how to save money and don’t find it easy.
Money worries affect mental health
Against the backdrop of a cost-of-living crisis, these stark figures are a direct reflection of the rising prices of everyday essentials. In the past 12 months, 66% of people said the cost of their utilities had gone up, impacting personal cash flow, and 63% of people reported the same for groceries. A further 29% stated that their rent or mortgage has risen.
Yuval Samet, RiseUp CEO and co-founder, said: “We are navigating one of the toughest economic climates in decades – with the pandemic, Russia’s invasion of Ukraine and high interest rates plunging the UK into a recent recession – and this is naturally taking a toll on many Britons’ relationships with money.
“At a time when UK households have grappled with the biggest drop in disposable income since records began in 1955, RiseUp’s research shows that 38% of us are left with less than £100 at the end of the month.
“This constant worry about running out of money at the end of each month is taking a huge toll on people, with 56% surveyed admitting money worries affect their mental health.”
Related: Payday panic: Six million Brits end month with no cash left
