05 September, 2014
The average UK adult spends almost a fifth of their monthly wages within 24 hours of getting paid, Quidco research has revealed.
One in three Brits admit they ‘live like kings’ in the days following payday, with the average spending £240 in 24 hours.
Following the spending spree 61% have little or no money left at some point in the month. This happens after 12 days on average.
Andy Oldham, managing director of Quidco, said: ‘When you work hard, it’s reasonable to feel entitled to having a little bit of what you like at the end of the month when your salary comes through, as long as you don’t allow common sense to go out the window leaving you on a strict budget when the payday euphoria wears off.
“A common mistake is deploying money saving tactics at the end of the month when your bank account is dwindling.
“Consistently keeping an eye on your spending can help make sure you are able to maintain the lifestyle you want throughout the month, not just in the magic few days post-payday.”
Such is the rush after getting paid, three in five Brits admit a pay rise wouldn’t necessarily affect how much they have at the end of the month, as one in five said they would probably spend more.
The 18-24 demographic are most likely (69%) to feel remorseful, while women (25%) are more likely to run out of money by the end of the month than men (18%).
Over seven in 10 (71%) try to save money from their wages, but nearly three in 10 (29%) sometimes have to take it back out again by the end of the month.