A third of Scots (33 per cent) have routinely spent the majority of their monthly wage within SEVEN DAYS of being paid – according to a new study.
Researchers took an in-depth look into the spending habits of working adults in Scotland – and the results revealed a further nine per cent have splashed most of their salary within 24 hours.
The study, commissioned by cashback and rewards site Quidco, also revealed almost half of working Scots (40 per cent) attempt to stick to a monthly budget for it to “never work out” – with a further 37 per cent admitting they “struggle” to make their money last the full month.
However, the results showed that almost half (44 per cent) of Scots admit to splashing the cash every month on a “pay day splurge” – with the average cost of a monthly spree emerging as £324.
Thirty seven per cent admitted splurging on a big night out with friends or family following pay day.
One in five (20 per cent) admitted buying new clothes AS SOON as new funds appeared in their bank account – and 22 per cent claimed they purchased things for the house.
Women’s top pay day splurge emerged as clothes (28 per cent) and for the nation’s men – a new gadget was top of things to buy - with 25 per cent of men admitting to purchasing a new “boys toy” within days of being paid.
Vix Leyton from cashback and rewards site Quidco who commissioned the poll 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.”
The study also revealed how those in Scotland manage financially once their wages have been spent.
Worryingly, 16 per cent have to rely on credit cards to see them through the remainder of the month – while a further 17 per cent rely on their overdraft.
One in ten (13 per cent) admitted to having to ask family members to help them out until the next pay day, while 27 per cent admitted they have ended up in debt following a pay day splurge – and a further 22 per cent said they hide their spending from the friends and families.
A further 26 per cent consider themselves to have a problem with spending – with three per cent of claiming they had “never been taught how to budget”.
Ironically, despite the results, 90 per cent of Scots still consider themselves “money savvy.”
Vix Leyton commented: “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 every day essentials through to life’s luxuries, effectively generates extra funds that you can either save, or are free to spend at a later date.
“A common mistake is deploying money saving tactics at the end of the month, when your bank account is dwindling. Consistently keeping an eye on your spending can help make sure you are able to maintain the lifestyle you want throughout the month, not just in the magic few days post-pay day.”