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48% of Brits spend their wages and rely on credit once a year
How Brits manage their wages and payday spending
Managing your wages after payday is an important part of budgeting.
But for many Brits, making wages last for the whole month can be a real struggle. Lowell recently conducted new research into people’s spending habits, to find out how Brits manage their money come payday, to help us better understand how we can help our customers with budgeting.
Our research revealed that 12% of Brits spend up to 30% of their wages in the first week following payday. While that might mean that some people go on a spending spree after payday, we understand that for some of our customers, wages don’t last long after payday because you’re covering essentials like bills and groceries.
If you're looking for ways to reduce your essential costs, be sure to check out our guide on reducing household bills.
While it’s nice to think about the different ways you might be able to build up a savings pot one day, it’s important to make sure you have enough to cover other essentials for the rest of the month first.
If you’re struggling to get your finances in order, you might find tools like our Budget Calculator helpful. If you’re feeling worried or stressed about managing payments because your circumstances have changed, check out our Next Steps page to see how Lowell can work with you if you’re going through a tricky time.
Almost a quarter of Brits don’t put any of their wages into savings
The cities with the fastest spenders
Published by Libby Davies on 24th September 2021
