Brits make spending sacrifices before payday, study shows

Brits are being forced to cut their spending in the run up to payday as many run out of funds in their current accounts, a new study has shown.

Research from Abbey suggests that the average current account runs out on the 25th of the month, five days before many workers’ payday on the first of the month.

Data from a survey revealed that 64 per cent of Brits are regularly required to make sacrifices in the days preceding their paypacket due to bad budgeting.

Abbey’s head of banking Steve Shore said: "A staggeringly high number of people regularly fail to budget effectively each month and end up running out of cash before their next pay cheque.

"With Christmas almost upon us, it’s especially important that people budget carefully during December’s party season to ensure they don’t run out of cash this party season."

It was found that those in the North of England are the worst budgeters, with 67 per cent regularly running out of money in their current account before payday comes.