Six in 10 Brits run out of money before payday

Abigail Fenton
·Writer
·2-min read
Over a third of Brits have less than £100 in savings. Photo: Nick Fewings/Unsplash
Over a third of Brits have less than £100 in savings. Photo: Nick Fewings/Unsplash

Six in 10 Brits run out of money before pay day, while two in three struggle with ill mental health due to money worries.

In a survey of 1,443 Brits by TheMoneyPig, 64% admitted to regularly running out of money before their next payday, with most running out five days before the next one, and 29% having to borrow from friends and family to get by.

Just 36% of Brits said they “never” run out of money, with three quarters being men.

Meanwhile, seven in 10 (71%) Brits said they are unhappy with their current level of savings, with most —59% — also being women, the research found.

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And over half (53%) of Brits admitted they could only go a month or less without having to borrow money if they lost their job. Only a quarter of respondents said they could go six months or more with their current savings.

What’s more, 45% said they have no savings at all at the end of the month, possibly due to a low income or too many outgoing expenses to account for, the research found.

As a result of this, a whopping 66% said money worries have negatively affected their mental health.

A recent YouGov survey found 29% of people’s financial circumstances have worsened in the past six months.

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Meanwhile, research by Finder shows at least a third of Brits have eaten into their savings in lockdown since June.

Shockingly, over half of Brits (56%) said they or someone they know currently has more than one job to make ends meet.

According to TheMoneyPig’s data, women are better savers than men, with nearly two in three (56%) putting money aside as soon as they get paid, compared with just over one in four (44%) men.

Despite having trouble saving, 47% of Brits said they don’t monitor their spendings. Again, women appear to be better at this with over half (53%) saying they keep track of expenditure, compared to just over one in four (43%) of men.