UK Spending And Saving Habits [Infographic]

Irma Hunkeler blueglass.co.uk 2m 420 #payday

The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.

How Do You Spend Your Monthly Paycheck?

How do you spend payday? Does it all go down the drain, do you put some to the side to treat yourself, or do you stash as much as you can into your savings account?

For many it is the first option. To tie in with arguably one of the best days of the month, this payday spending infographic from payday loans lender Wizzcash – has polled nearly 1,000 people to find out their monthly spending and saving habits. It makes for a very interesting read – with 1/3 of those polled running out of cash before the month is done and 31% of people claiming that they’re in debt after a spending spree. Almost 50% say that they struggle to save more than £100 a month and many rely on credit – including credit cards, overdrafts and loans – to cover them.

Over to you, how do you spend your salary? Check out the infographic and see if Wizzcash’s findings are similar to your spending habits.

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PAYDAYS IN THE UK

BRITONS’ SPENDING HABITS

IT’S PAYDAY! RESEARCH FROM PAYDAY LENDER WIZZCASH DELVES INTO OUR SPENDING AND SAVING HABITS AROUND OUR FAVOURITE DAY OF THE MONTH.

CAN YOU MAKE IT LAST?

34% of people fail to make their payday last the whole day.

HOW LONG DOES YOUR MONTHLY WAGE LAST YOU?

• Less than a week 4%
• 1 week 4%
• 2 weeks 9%
• 3 weeks 17%
• 4 weeks 66%

Older people are the savviest with their money, with 91% of people aged 65 and over making their money last all month.

FALLING INTO DEBT

Our research shows 31% have ended up in debt following a payday spending spree.

DEBT MAP UK

Percentage of people from each region who have fallen into debt after spending around payday.

• 31% SCOTLAND
• 44% NORTHERN IRELAND
• 40% NORTH EAST
• 36% NORTH WEST
• 23% YORKSHIRE AND THE HUMBER
• 29% EAST MIDLANDS
• 30% WEST MIDLANDS
• 32% EAST ANGLIA
• 43% WALES
• 29% SOUTH WEST
• 26% SOUTH EAST
• 31% LONDON

PAYDAY TREATS

As to what kind of things people buy, popular payday treats include:

• BOOKING A HOLIDAY 39%
• FOOD AND BILLS 38%
• CLOTHES SHOPPING 27%
• A NEW GADGET 23%
• A DAY TRIP 19%
• TAKEAWAYS 16%
• PAYING RENT/MORTGAGE 13%
• NIGHTS OUT 13%
• DVDS/OTHER 11%
• BEAUTY PRODUCTS 9%

SAVING HABITS

Our research shows nearly half of people (46%) struggle to save more than £100 each month.

• 7% £500 or more
• 4% £400-£500
• 4% £300-£400
• 9% £200-£300
• 16% £150-£200
• 15% £50-£100

FLEXIBLE FRIENDS

To supplement their payday spending, some Britons turn to forms of credit. 64% have relied on a credit card to help get them through the month followed by:

• CREDIT CARD 64%
• OVERDRAFT 30%
• BORROWING FROM FAMILY/FRIENDS 26%
• PERSONAL LOAN 6%
• PAYDAY LOAN 5%

Wizzcash.com

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