Researchers took an in-depth look into the spending habits of working women and the results revealed a further 7% have splashed most of their salary within 24 hours. The study also revealed almost half (42%) attempt to stick to a monthly budget for it to "never work out" - with a further 41% admitting they "struggle" to make their money last the full month.
However, the results showed that almost one in ten admit to splashing the cash every month on a "pay day splurge" - with the average cost of a monthly spree emerging as £262.50. 27% admitted splurging on a big night out with friends or family following pay day. The top pay day splurge emerged as clothes (28%) and one in five (20%) admitted buying new shoes as soon as new funds appeared in their bank account. 23% claimed they purchased things for the house and 12% had beauty treatments.
Vix Leyton from cashback and rewards site Quidco who commissioned the poll of 2,000 working Brits said "When you work hard, it's understandable to feel entitled to having a little bit of what you like at the end of the month when your salary comes through, and it's very easy to justify the spend. But it's important you don't allow common sense to go out the window, leaving you on a strict budget when the payday euphoria wears off."
"Rationing yourself aside, there are ways to make your money go a lot further without resorting to beans on toast at the end of the month. Getting into the habit of using reward sites to build up cashback on all purchases, from your everyday essentials through to life's luxuries, effectively generates extra funds that you can either save, or are free to spend at a later date."
The study also revealed how Brits manage financially once their wages have spent. Worryingly, 17% have to rely on credit cards to see them through the remainder of the month, while a further 16% rely on their overdraft. Over one in ten (11%) admitted to having to ask family members to help them out until the next pay day.
24% admitted they have ended up in debt following a pay day splurge - and a further quarter (20%) said they hide their spending from the friends and families. A further 23% consider themselves to have a problem with spending - with 13% of claiming they had "never been taught how to budget." Ironically, despite the results, 89% of women claim they are "money savvy."
The first week after pay day is when British women spend the most