A quarter of UK workers admit they spend up to 25% of their month’s pay within 72 hours of being paid and most of this goes on unnecessary purchases. Research conducted by Paymentsense, on 2000 UK workers who get paid monthly, found that 49% of people say they make unnecessary purchases as soon as they get paid.
The stereotype women have of being shopaholics seems to be correct on payday – over half of women make unnecessary purchases as soon as they get paid, compared to only 38% of men. Double the number of women than men, also admit to being a payday millionaire and are more likely to use their overdraft every month.
Those with the highest amount of disposable income, over £1500 a month, don’t tend to spend any more than a tenner within the first 72 hours of being paid and those with the lowest amount of disposable income, less than £100 a month, spend 22% of it within 72 hours!
On average, the youngest workers spend their disposable income the fastest – spending almost a quarter of their disposable income within 72 hours of being paid. They also admit to having an online shopping basket ready to be ordered as soon as they get paid. But it seems that we don’t always get wiser as we get older – over a quarter of 45-54 year olds rely on their credit card to get them through the month.
Source: Recruitment Buzz