30% of People Admit to Payday Spending Blitzes

25 Sep, 2014

One in three people in the UK admits to living it up in the first few days after payday, blowing an average of £250 in just 24 hours.

Clothing, food and alcohol are the most popular payday treats, with 55 per cent of women and 45 per cent of men going on to regret their splurges later in the month.

Not surprisingly over 60 per cent of Brits admit to running out of money before their next payday.

Seven out of ten say they try to save money from their wages, but a third admit having to withdraw it again when their bank balances gets low at the end of the month.

A spokesman for Quidco, which carried out the research, 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.”

He added: “A common mistake is deploying money saving tactics at the end of the month, when your bank account is dwindling. 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.”