You are here: Home - Saving & Banking - News -

One in four spend 25% of their salary within 3 days of being paid

0
Written by:
29/11/2016
One in four British workers spend up to 25% of their monthly wages within 72 hours of being paid, a study suggests.

The survey of 2,000 people who get paid monthly found 49% make unnecessary purchases as soon as they get paid.

A third of people said they spent between £41 and £60 on socialising on the first weekend after payday. But half said they spent most of their disposable income on food, with a third changing their eating habits towards the end of the month due to being skint.

Over half of women said they made unnecessary purchases as soon as they got paid, compared to only 38% of men. Women were twice as likely as men to use their overdraft every month.

The research conducted by Paymentsense suggests those with the highest amount of disposable income, over £1500 a month, don’t tend to spend any more than a tenner within the first 72 hours of being paid and those with the lowest amount of disposable income, less than £100 a month, spend 22% of it within 72 hours.

Younger workers admit to having an online shopping basket ready to be ordered as soon as they get paid.

But it seems that we don’t always get wiser as we get older – over a quarter of 45-54 year olds rely on their credit card to get them through the month.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Unarranged overdraft fees could be capped

Charges on unarranged overdrafts and the interest rate cap on payday loans are to be reviewed by the Financial Conduct...

Close