UK food prices continue to rise
UK residents are making drastic changes to their diets as the ongoing pressure on household finances continues to intensify, new research reveals.
Approximately one in four shoppers have either substantially cut the quantity of meat they purchase or turned vegetarian because they can no longer manage their previous grocery expenditure, while nearly one in five acknowledge they are consuming less or forgoing meals entirely. The survey of over 3,000 adults also discovered that the financial pressure is severely affecting mental health, with four in ten reporting they feel mentally drained by financial concerns every day or multiple times weekly.
Almost one in five (18%) reported they worry about finances daily, climbing to a third (33%) of households with incomes below £20,000 annually. The results emerge as families continue to wrestle with increased living expenses following years of high food inflation, with grocery shopping proving to be the most significant everyday financial worry.
Researchers for cashback shopping app tuck. discovered households currently spend an average of £94 on their weekly food shop – approximately £24 more than twelve months ago. When asked what single change would make the greatest impact on their finances, 61% cited lower grocery prices. The strain is compelling many households to make challenging compromises.
Nearly two-thirds (61%) reported they are purchasing fewer treats and snacks, while 19% confessed they have begun missing meals or consuming less due to rising food costs.
Women appear to be bearing the brunt, with 20% reporting they have skipped meals compared with 12% of men. Parents were equally likely to reduce their own food intake, with nearly one in four (24%) doing so, against 14% of adults without children.
Meanwhile, 28% said they had either turned vegetarian or considerably reduced their meat purchases in a bid to save money. The survey revealed women were significantly more likely than men to have cut back on or eliminated meat from their diets, while one in three parents had made the same change.
Financial concerns are also taking an ever-greater toll on mental health. In total, 40% said they feel mentally exhausted by money worries either daily or several times a week, with just 7% stating that finances cause them no anxiety whatsoever.
Women were marginally more likely than men to report feeling mentally drained by financial pressures, while those on the lowest incomes were nearly three times more likely to experience daily worry than households earning upwards of £50,000 per year.
The cost-conscious climate is reshaping shopping habits considerably. More than eight in ten (81%) said they have become increasingly focused on seeking out bargains, discounts and cashback deals over the past year as they search for ways to make their household budgets stretch further.
Neel Thakrar, chief executive 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 respondents say would ease their financial anxiety.”
The research was based on a survey of 3,291 UK adults carried out on behalf of tuck.
