In total, nearly four out of ten people said they struggle financially to make it to ‘payday’, according to R3, the insolvency trade body’s research, which is 18m individuals across the UK.
Over a third said credit card payments were their biggest problem, with 24% saying going out or non-essential spending made managing their finances tough each month.
R3 president, Steven Law, said: “It is extremely worrying that for a third of the month people are struggling with their finances. It is evident that many people under financial pressure pay little regard to planning how their pay cheque is spent.
“People may also be struggling earlier on in the month due to heating bills increasing in the winter and many beginning to spend more money on the run up to Christmas.”
Over 40% of northerners said they are most likely to struggle to ‘payday’ with those in Scotland close behind at 39%. Meanwhile, more women have problems stretching wages over the month than men, with 42% against 32% respectively.
However, where 6% more men say they struggle with credit cards, females find it hard to cover the cost of going out and other non-essentials before payday. Younger people in difficulties also agree that going out or other non-essentials are the biggest problem.
Steven Law added: “One of the fundamental problems is people’s inability to budget which is seen most strongly amongst young people who have been brought up on a culture of credit and having everything now. I cannot endorse enough, the benefit of setting a monthly budget and sticking to it.”
Spending on non-essentials should be planned, and knowing that you can afford the cost will make it more special, he said, adding those who struggle continuously should consider seeking advice.
