The financial anxiety triggered by the drop in purchasing power is not just an irrational feeling, but the outcome of deteriorating living standards, with serious physical and mental consequences for those living in the most modest circumstances in France, a recent survey reveals.

A survey on a representative national sample of 1,500 people, commissioned by MonPetitForfait, shows that the crisis induced by inflation is exerting a significant negative impact on many French people.

The study shows that the proportion of French people who have cut back on money spent on food in the last twelve months for financial reasons has doubled in the last fifteen years, rising from 29 per cent in 2007 to 58 per cent in 2023. And the lack of money prompts a growing number of French people to skip meals:

51 per cent of the population regularly or occasionally skip a meal, which is an increase of 7 percentage points since June 2022.

The French also started to cut their spending on their well-being and physical appearance. The survey reveals that the subscription that French people would terminate first, if necessary, would be a gym membership (40%). Similarly, a growing proportion of French people admit that they cancel a haircut (69%, +3 points since June 2022) every now and then.

Finally, although there are still fewer French people who have preferred to postpone some health spending over the past 12 months, the number is now almost twice as high (41%) as it was around fifteen years ago, during the last great inflation crisis (25%).

Inflation is also having an impact on people’s psyche. As a consequence, anxiety, suicidal thoughts and depression are on the rise among French people.

More than one in two French people (56%) admit that they are currently finding it difficult to make ends meet, a significantly higher proportion than in January 2023 (49%). And the people experiencing serious financial difficulties are those who are most likely to suffer from disorders such as anxiety (54%) or depression (31%).

Financial difficulties are reflected in the growing number of French people who are unable to pay their housing costs. 34% of residents have difficulties with that, up 5 percentage points in a year and a half. Some expenses can be cut, but the end of the mortgage scheme is still too far off for many.

The survey also suggests that 31% of French people have less than €100 left in their bank account at the end of the month. This figure is significantly higher in the case of those in the greatest emotional distress: 47% of people who are suicidal have little money left at the end of the month.