Paycheque running dry 'in three weeks'

Posted: 20 Apr 2009 13:17:22 GMT

The average adult now spends the vast majority of their monthly salary in just 20 days, research from the Co-operative Bank has found.

Published today (April 20th), the recent survey discovered that the typical Brit, after setting aside cash for bills, has just ten per cent of their wages left over after day 20 each month.

Such figures may be particularly worrying for those involved with buying or selling a property, as with no savings or disposable income, the opportunity to buy a home will be greatly reduced.

John Barker, head of current accounts at the Co-operative Bank, said: "In the present economic climate developing a household budget is essential to keep spending in check and to identify ways costs can be trimmed.

"Keeping a much closer eye on their bank account will help people to know exactly what they have to spend."

Similar research conducted in 2007 by financial website moneysupermarket.com found that Brits spent the vast majority of their month's wages in 27 days.



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