We are a nation of big spenders, according to a new survey
It reveals that more than five million British adults (10 per cent), are spending beyond their means for at least half of the year — while nearly three-quarters, approximately 38 million adults, don’t have their spending under control.
The How Britain Spends report, from website TopCashback, highlights the impact of rising prices on budgets.
On the edge: More than five million British adults are spending beyond their means for at least half of the year
The eye-opening results show the majority of adults (59 pc) spend more than they earn for at least one month a year.
Adults earning £35,000 annually or less typically spend more than their salary for two months of the year, while those earning over £100,000 also spend beyond their means for four months, on average.
The average adult has £323 in their current account the day before payday, but it found nine million have nothing left in the bank, or have entered their overdraft facility.
While almost half of adults use loyalty schemes, vouchers or cashback to save money, a quarter make impulse purchases without checking for deals or offers.
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