MORE than four in 10 adults in Britain struggle each month to make it to payday, according to research for insolvency trade body R3, which shows that for the average person this struggle begins on the 20th day after payday.
The main causes for this struggle, cited by around 50 per cent of respondents, are credit card payments, loan repayments and mortgage payments, while 25 per cent of those who struggle put it down to spending on going out or non-essentials.
The results of R3’s research come as the UK faces record levels of personal insolvency. R3’s president Steven Law says the country is still “addicted to credit”.
“It is very worrying that over 40 per cent of the British population are finding it a struggle financially to get through the month,” he added.