Nationwide’s research found that, for many, getting through to payday with any money left in their account is an unlikely event. More than six in ten (61%) have less than £100 in their accounts the day prior to payday – not enough to cover most emergency bills – and over half (52%) noted that they had to rely on dipping into their savings to sustain themselves until payday. However, 15 percent of people have absolutely no funds left the day prior to getting paid, with those in this group noting that on average they ran out of money six days before getting paid, leaving them struggling for close to a week.
Gemma Pauley, Head of Nationwide’s Payday Saveday campaign, said:
“It’s clear that the temptation to spend like a rockstar come payday is very common. And why not – we all feel that we deserve a treat when we get paid. But how much of that is due to penny-pinching towards the end of the month due to overspending?”
“With Payday Saveday, we want to encourage people to get into the habit of saving, however little, when that pay cheque comes in. That way any unexpected bills can be covered, and that big night out, new car or holiday may be a welcome reward too.”
1Data sourced from two separate Censuswide research sets to a nationally representative section of the UK population, aged 16+.
Research set one: Study undertaken between 09.09.19 and 11.09.19 (2,003 respondents).
Research set two: Study undertaken between 18.09.19 and 23.09.19 (2,016 respondents).