Brits ’splurging’ wages on payday

British workers spend a collective £350 million in the first 12 hours after being paid, with over a million people spending £100 at lunchtime alone on the day they receive their wages, a new study reveals.

According to the research by Britannia, the majority of people have spent their wages 21 days into the working month.

People in the north-west of England were found to be the most reckless spenders, exhausting their finances in less than 19 days.

Men are most interested in spending their money on dining out, takeaways, new gadgets and clothes, while women are more likely to spend their money on shoes, new outfits and meals out, according to Britannia.

Tim Franklin, director of Britannia’s member business, said: "A lot of people have a tight rein on their finances – but many spend quickly at the start of the month and leave themselves facing tough times later on.

"With a little more planning, millions of people could get their finances under control."

Many people run the risk of leaving themselves in financial difficulty, the study found, with people in the north-east often finding themselves surviving on £54 for an average period of 7.8 days every month.