More financial planning could help people spend and save better, ensuring that their wages last until the end of the month.
According to new research from Britannia Building Society, most Brits will have used up all of their wages 21 days into the month, with over one million people spending £100 on a payday lunchtime.
It was also found that the last week before payday leaves many people with little more than £60 to live on.
However, Tim Franklin, director of Britannia’s member business, emphasised the importance of saving in addition to spending.
“A lot of people have a tight rein on their finances – but many spend quickly at the start of the month and leave themselves facing tough times later on,” he said.
“With a little more planning, millions of people could get their finances under control. They could spend and save as well.”
Britannia offers a number of different savings products including mini cash Isas and savings bonds.
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