Tuesday 24 May 2016 2:22 pm

One in three people can't make their pay last the whole month

If you're already having to eke out the last vestiges of your April payday, you can rest assured you're not alone. 

Over a third of Britons, 34 per cent, fail to make their paycheck last the whole month, according to a new poll of nearly 1,000 people's spending and saving habits from Wizzcash. 

One of the major reasons employees find their cash runs out is payday splurging – around 31 per cent of people have fallen into debt following a post-pay spree. The most popular payday treats included booking holidays, food and clothes. 

Read more: Vulnerable Britons are facing a personal debt crisis

The worst culprits for payday over-enthusiasm are found in Northern Ireland, Wizzcash found, where 44 per cent of people had fallen into debt as a result of too much spending. 

London came in joint sixth place, alongside Scotland, while the UK's savviest payday spenders were in the South East of England. 

[infographic id="783"]

As well as being susceptible to overspending, Britons are also failing to excel when it comes to saving money. Nearly half, 46 per cent, of survey respondents said they struggle to save more than £100 a month. 

Read more: Savings ratio set to hit 50-year low as baby-boomers top savings chart

Many respondents were found to 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.

On the other hand, pensioners aged 65 and over were found to be the savviest savers, with 91 per cent making their money last all month. 

High living costs are having an impact on the UK's spending and saving habits, according to Hilton Freund, managing director of Wizzcash: 

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.

Share: