Pre-payday cutbacks for Brits

By MoneyhighStreet Staff. Published on November 19, 2008 This post currently has no comments.

Money
Britons are increasingly making cutbacks in the run-up to payday, new research from Abbey has revealed.

The bank suggests that the average Briton now faces five days of financial uncertainty at the end of each month.

Two thirds of consumers say that they run out of available funds in their current accounts in the days before receiving their monthly salary.

Steve Shore, director of banking at Abbey, said that a failure to budget often leaves consumers unprepared for the end of the month.

"A staggeringly high number of people regularly fail to budget effectively each month and end up running out of cash before their next pay cheque," he said.

"With disposable income down and Christmas almost upon us, planning your finances carefully has never been more important."

The report also found that 29 million Britons plan to cutback ahead of the upcoming Christmas season.