Are weight loss jabs putting pressure on your finances?

An estimated 1.6m people in the UK have used weight loss injections in the last year, but many are risking financial problems.

That’s the warning from banking app thinkmoney, which says Brits are spending an average of £210 a month on weight loss jabs.

But figures show that nearly two-fifths (39%) of those who pay for them privately are getting themselves into financial difficulty to cover the cost.

And on average, they’re getting into £1,616 of debt.

How are people paying for weight loss jabs?

To keep up with the payments, many people are turning to borrowing and savings.

For example:

• 50% are putting the cost on a credit card
• 49% are dipping into savings
• 25% have gone into their overdraft
• 17% have used their emergency fund

In total, nearly one in ten (8%) say they’d miss a scheduled payment to pay for a jab.

Meanwhile, 6% say they’ve already missed or delayed a payment to get the treatment.  

When emotions take over finances

The fact so many people are borrowing money or missing payments to fund weight loss jabs points to a wider problem.

Health, weight and self-esteem issues can have a huge emotional impact and be hard to process.

And that can, in turn, lead to other important issues like money being overlooked or ignored.

“For people who have spent years trying every diet and programme going, the fear of regaining weight is a real spectre,” said Vix Leyton, consumer expert at thinkmoney.

“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.”

A risky financial habit

Leyton points out that when weight loss jobs first appeared, people found it easier to justify the cost.

But these injections aren’t new anymore, yet lots of people are still paying for them.

“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,” she said.

In fact, nearly one in four weight loss jab users (23%) admit they feel trapped in a financial cycle they can’t get out of.

Think about the cost before it spirals

If you’re paying privately for weight loss jabs, it’s worth asking yourself a few key questions about what it’s costing you.

For instance:

• can I realistically afford this long-term without depending on credit?
• can I cover the cost without missing essential bill payments?
• can I pay for them without dipping into savings?

If the answer to any of these questions is “no”, then take a step back.

Yes, your health matters.

But so too does your financial wellbeing.

If paying for weight loss jabs is leaving you short each month, then it might be time to take a look at your household budget, so you know what you can and can’t afford.

Check out our guide to how to create a budget to get started.

And if it’s pushing you into debt, get in touch for confidential, practical and impartial debt advice.