Impulsive spending and sleepless nights fuel financial anxiety in UK

Financial worries and sleepless nights plague many Britons, with a third admitting that money anxieties keep them awake, according to a new survey by Intuit Credit Karma.

The poll reveals a worrying trend of sleep deprivation and impulsive spending, painting a picture of a nation struggling to rest and manage their finances.

The survey found that almost half of Britons (46 per cent) suffer from poor sleep at least three nights a week, averaging a mere 5.7 hours of shut-eye per night. This lack of sleep appears to be fueling impulsive spending habits, with one in five admitting to splashing out on non-essential items when tired.

Food and takeaways are the most common impulse buys, with 15 per cent of respondents succumbing to late-night cravings.

A further 9 per cent confess to purchasing unnecessary clothes and accessories, while 6 per cent each admit to buying unneeded technology or even booking holidays in an attempt to boost their mood after a restless night. Perhaps unsurprisingly, a third of those surveyed also confessed to being less inclined to hunt for bargains after a poor night’s sleep.

The link between financial anxieties and sleeplessness is starkly highlighted by the survey. While 32 per cent of respondents cited financial worries as the cause of their sleeplessness, a significant proportion also admitted to using their sleepless hours to engage in financially-focused activities.

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21 per cent reported checking their bank balances, 15 per cent paid bills, and 12 per cent tracked expenses during the night.

Credit Karma data showed that one million members have logged into their accounts between midnight and 6am in the last six months, while 9 per cent have checked their credit scores overnight.

Akansha Nath, general manager for international at Intuit Credit Karma, said: “When you’re tired, it’s easy to let your spending slip and impulse buys can feel more tempting. Setting clear spending limits, automating bills, and steering clear of instant-purchase shopping apps can help you avoid overspending.

“You can also set limits on your smartphone to stop you accessing financial apps late at night to prevent late-night money worries. Giving yourself the time and space to think clearly can make all the difference to your finances.”

Opinium surveyed 2,000 UK adults between March 18-20.