How Do You Spend Your Paypacket? Brits’ Payday Spending Habits Revealed
Payday is near! Amazing! However, for some, payday is not actually the best day of the month – new survey reveals that for many British citizens, getting your salary does not mean over the top purchases and awesome meals – but rather debt and daily financial woes.
As a result, if you are among the people for whom payday is a tough season, you are not alone. New research by Wizzcash, the short-term and payday loan provider, looks at our monthly habits, observing how we divulge our hard-earned salary and the kind of financial strain we feel.
The survey of approximately 1,000 British citizens found that over 30% do not make their salary last for the whole month, with 4% finding it extremely difficult to even make it last for one week.
Other payday findings 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.”