It’s nearly payday! Woo-hoo. But payday isn’t always the best day of the month – new research shows that for many Britons, getting paid doesn’t mean extravagant purchases and fancy meals out – it means debt and daily financial struggles.
So, if you’re among the Britons for whom payday is a difficult time, you’re not alone. New research by Wizzcash, delves deep into our monthly habits, digging out how we spend our hard-earned cash and the type of financial pressures we face.
The poll of nearly 1,000 Britons found over a third – 34% – fail to make their payday last the whole month, with 4% even struggling to make it last a single week.
Other payday titbits include:
- People aged 65 and over are the savviest spenders, making their money last all month.
- For 31% of Brits, debt is a very real problem – with nearly a third falling into debt following a payday spending spree.
- We’re often told it’s important to save, but for nearly half of Britons (46%) that’s not so easy, with this number struggling to save more than £100 a month.
For many Britons, living on credit is a monthly reality – 64% have relied on a credit card to supplement their payday, with overdrafts, borrowing from friends and family, personal loans and payday loans.
Hilton Freund, managing director of Wizzcash, said it was clear high living costs were having an impact. “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” he added, “Drawing up a budget plan and taking financial advice are both good ways to stay financially afloat.”