Brits left strapped for cash just halfway through the month, study finds
Brits splash out over £600 within just three days of receiving their pay slip – leaving them strapped for cash by just halfway through the month, research has found.
The typical working adult parts with more than a third of their wages on the same day they get paid – treating themselves to clothes, tech, and home furnishings. Those in the south-east have the biggest problem with spending too much too soon, splashing out an average of £722 within three days of getting paid.
This drops to just £544 for people in the south-west – however, 37%, of the 2,000 adults polled, admit they are guilty of over-spending at the start of the month, leaving them no choice but to tighten their purse strings until their next payday. And after bills, rent, utilities, and mortgage payments leave their account, Brits are left with little money left by just two weeks into the month.
The study was commissioned by video game developer, PLAION, to mark the launch of its new heist video game, PAYDAY 3. As Londoners struggle the most with money management, the developer set up a challenge inspired by the game – with winners taking part in their own “heist” and securing a “month’s salary”, by stripping notes from a branded van.
Spendthrift Brits spend over a third of their wages the same day they get paid (PinPep)A spokesman said: “It can be tricky not to spend your hard-earned cash all at once, especially at a time when most expenditures are completely unavoidable. We can certainly understand the temptation of wanting to rob a bank to get that much needed injection of cash. However, disposable income won’t get you far behind bars – we suggest that the heisting fantasy is best left experienced in video games.”
'I'm spending £20k on a new bathroom - but won't help my brother out with cash'
The research also found those aged 18 to 24 spend the most on takeaways each month, compared to those aged 65 and over – £42 vs £13. And of the 67% who have borrowed money – not including loans – a quarter have one extra income-drain every month, while 12% are paying back on two loans.
The average adult estimates 21.5% of their monthly salary is what they’d consider to be disposable income. However, 41% have a tendency to buy things that aren’t really necessary to their life – with an average of nearly £60 a month spent on these items.
For 21%, a TV package like Sky or Virgin is seen as an expense they could probably live without, while the same percentage could do without takeaways – and one in four believe they spend more than they really need to on clothing. The study, carried out via OnePoll, found just 15% of adults consider themselves “confident” when it comes to their finances – with 11% more likely to feel stressed.
Because of these problems stretching their money, 37% admitted that if they could rob a bank and be guaranteed to get away with it – they’d do it. And their perfect heist dream team would include Dwayne “The Rock” Johnson as the muscle, Lewis Hamilton as the getaway driver – and Derren Brown to hypnotise bank guards into letting them get away with the cash.
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