Workers scrape by on salary but have no savings and regularly go into debt

More than one-third of workers ‘live’ for payday and do not set aside any money for savings, according to a survey.

Some 37% of the 421 workers surveyed by CareerBuilder.co.uk jobs website said they “often or always live from pay cheque to pay cheque” and 33% said they did not set aside any money each month for savings.

Almost half (48%) said they would need to earn an extra £500 on top of their monthly salary to live comfortably, with four in 10 regularly exceeding their allotted monthly budget. 

The most popular reason for over-spending was drinks and entertainment, followed by restaurants, the cost of running a car, clothing, electronic gadgets, travel and decor for the home.

Women were found to be much more likely to report financial concerns with 46% often or always struggling compared with 29% of men. 

“Scrambling to make ends meet is an exercise all too familiar in many homes,” said Rosemary Haefner, vice-president of HR at CareerBuilder.co.uk.

Comments are closed.