More than half of people think January ‘most financially stressful time of year’

Christmas spending, energy costs and added debt were factors that people reported made January a tough time of the year financially.

Some eight in 10 people said they expected this January to be the hardest yet financially, research suggested (Peter Byrne/PA) (PA Archive)

More than half of people (52%) believe January is the time of year that causes the most financial stress, a survey has suggested.

Some eight in 10 (84%) people said they expected this January to be the hardest yet financially, according to research for Nationwide Building Society.

This week was expected to be particularly tough, as people waited for their end-of-month pay packet.

Because we still believe in face-to-face service and we have listened to our customers, we have committed to keeping all our branches open until at least 2026. We also have a branch manager in every branch, since for many there is no substitute for physical reassurance

Mandy Beech, Nationwide

More than half of people (51%) blamed Christmas spending for January being a tough month, while more than two-fifths (43%) highlighted energy costs as a factor. Added debt due to the increased cost of living was a significant issue for more than a third (37%) of people.

More than 51% of people said they would rather seek any assistance they needed in person than online.

Mandy Beech, director of retail services at Nationwide, said: “Because we still believe in face-to-face service and we have listened to our customers, we have committed to keeping all our branches open until at least 2026. We also have a branch manager in every branch, since for many there is no substitute for physical reassurance.”

Censuswide surveyed more than 2,000 people across the UK in December 2023.