Belfast Telegraph

Monday 21 April 2014

Workers spending most of their pay before the end of the month: survey

One in five people in the UK have blown nearly all of their earnings within a week of getting paid, a survey has suggested.

Around 19% of people admitted that they spent the bulk of their wages in the week following their payday, while 14% said they had usually run out of money by the middle of the month, according to VoucherCodes.co.uk.

As a result, 14% of people said they were forced to dip into their overdraft with those aged between 18 and 24 most likely to have to resort to going into the red.

Men appear to be better at handling their finances than women, with 24% of males saying they budget so that they always have money left over at the end of the month, compared with only 18% of women.

Duncan Jennings, co-founder of VoucherCodes.co.uk, said: "Money management can be tough at the best of times, however the current economic climate seems to be making balancing a budget even harder for some."