UK workers have £500 a month spare after tax and essentials

Chris Papadopoullos
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Research shows workers have £500 each month which they can choose to spend or save
The average employed person in the UK has £500 in spare cash each month, research from Lloyds bank today revealed.

After paying bills and buying essential items like food, seven in 10 UK full-time workers have at least 25 per cent of their salary left over. This 25 per cent equates to £500 when considering the average full time salary of £33,511.

Meanwhile, three in 10 have at least half of their income left after clearing household bills and essential items and one in 10 have at least three quarters of their monthly income left at the end of each month.

The average monthly UK full time salary, after tax and national Insurance, has risen from £2,048 in 2011 to £2,154 in 2014. Despite this rise being slightly less than inflation, 68 per cent of people surveyed by Lloyds said they were likely to save spare cash rather than needing to spend it. This is up from 52 per cent in November 2011.