Bills and living expenses leave little cash for luxuries

More than three-quarters of the average UK pay packet is swallowed up by the cost of monthly bills and living expenses.

A survey of 2,000 UK employees, by Combined Insurance, reveals that the average worker earns £1,389 a month of which £1,093 goes on bills and food.

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A mortgage is the biggest average monthly expense at £347, followed by loan and credit card payments at £216.

“Millions of Britons are living on the edge by failing to protect the lifestyles they have become accustomed to,” said Combined Insurance spokesman Nigel Brittle. “People do not have enough savings to last them more than a few weeks.”