The pensions advice specialist carried out a study examining how much disposable income people spend after payday, and compared the results to a similar study in 2017.

It found the average full-time worker is left with a disposable income of £714 a month in 2019, up 27 per cent from £560 in 2017. However, despite having more spare cash, people are more cautious with their money straight after payday, compared to two years ago.

In 2017, the average worker had spent 81 per cent of their disposable income within seven days of being paid – but the figure has now fallen to 30 per cent.

Portafina also found that working Brits are better at budgeting their cash right up to payday than previously. In 2017, workers had an average of just 12 per cent of their disposable income left in the week before payday – but the figure now stands at 24 per cent.

The study also found that the average full-time worker spends a fifth (21 per cent) of their disposable income within 24 hours of being paid, compared to 43 per cent in 2017. Young people were the biggest payday spenders with 16 per cent of 25 to 34-year-olds spending 50 per cent or more of their spare cash in the first 24 hours of their wages landing in their bank account.

Jamie Smith-Thompson, managing director of Portafina, said: “The fact that as a nation on average we now have double the amount of money left in the bank as we reach payday compared to two years ago is really encouraging. Budgeting doesn’t have to mean boring, and the further you can make your money go, the better. And spending wisely is clearly not holding Brits back as we make sure there’s enough in the pot to enjoy ourselves too.

“It’s also encouraging to see that better budgeting has meant savings remain the number one destination for our disposable income. Whether you’re saving for a rainy day, an emergency or your future, it’s always best to pop the money into your savings as soon as you get paid. And whatever your reasons for putting money away, being financially prepared will help reduce any stress and worries further down the line.”