It’s nearly payday – but how do we spend our monthly wages?
With payday approaching – most Brits get paid towards the end of the month – payday loan provider Wizzcash has released an infographic looking at how Britons spend their monthly paypackets and the kind of financial pressures people are under.
Using original research in a poll of nearly 1,000 Britons, the infographic reveals:
- We struggle to make our wages last all month, with 34% of people running out of money completely before the month is out.
- People aged 65 and over are the savviest spenders, making their money last all month.
- A significant 31% of people have fallen into debt following a payday spending splurge.
- The most popular ‘payday treats’ include booking holidays, food and clothes shopping.
- Nearly half (46%) of Brits struggle to save more than £100 a month.
Lots of people rely on credit to cover monthly costs, with credit cards, overdrafts and the bank of mum and dad, as well as personal and payday loans, all common sources of credit.
Hilton Freund, managing director of Wizzcash, said it was clear high living costs were having an impact. “Research shows the cost of essentials is rising – this is a particular problem for low-income households.
“With costs rising, it’s crucial households keep an eye on their spending and put plans in place to stop them going into debt. Drawing up a budget plan and taking financial advice are both good ways to stay financially afloat.”
Generic advice is not a service regulated by the Financial Conduct Authority thus does not require authorisation.