UK workers ‘spend wages before month is out’

Most UK adults have spent their wages by the time the 20th of each month arrives, new statistics have revealed.

Many people embark on nights out and shopping trips when they are first paid, leaving them to rely on borrowing until the next payday, according to research by The Co-operative Bank Current Accounts.

This can result in consumers depending on credit cards and overdrafts to see them through the month, the bank noted.

The study found that the average worker earning £1,583 spends half of their wages by the 11th, with many living on ten per cent of their salaries after they have set aside cash to pay bills.

Spokesperson John Barker suggested that people should handle their money more effectively due to the credit crunch.

“In the present economic climate developing a household budget is essential to keep spending in check and to identify ways costs can be trimmed,” he said.

Meanwhile, Brits paid back £38.6 billion of non-mortgage debt during last year, Unbiased.co.uk has reported.

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