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Latest NewsEconomics, government & businessPay & benefitsPay settlementsPay structures

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

by Georgina Fuller 22 Mar 2007
by Georgina Fuller 22 Mar 2007

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.

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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.

Georgina Fuller

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