Are Your Finances Suffering from “Payday Mayday”?
Bad budgeting and increased costs of living means that over half (64%) of all Brits suffer from what Abbey Banking term “payday mayday”, meaning they run out of money an average of five days before the arrival of their next pay cheque.
Those suffering from “payday mayday” are more likely to be found in the North of the UK, where 67% admit that they regularly run out of cash by the end of the month. This information should heed a warning, as those who find that they have no spare income at the end of the month are more likely to be getting into levels of unmanageable debt, as they turn to their credit cards or store cards in order to make ends meet.
Steve Shore, director of banking at Abbey, finds it worrying that “a staggeringly high number of people regularly fail to budget effectively each month and end up running out of cash before their next pay cheque”.