Belfast is revealed as the ‘payday millionaire’ capital of the UK, followed by Liverpool and Dublin
New research conducted by pension advice specialist Portafina, has revealed that we are a nation of ‘payday millionaires’ – in other words, we are likely to spend our incomes long before it burns a hole in our pockets! The survey shows that nearly half (43 per cent) of our monthly disposable income is splashed within 24 hours of being paid, and four-fifths (81 per cent) spent within seven days.
Portafina polled a sample of 1,507 UK-based working adults to determine what percentage of our income is ‘disposable’; how much of this available cash is spent within one, seven and 21 days of being paid; and what we are choosing to spend our money on.
With an average of £560 leftover to enjoy each calendar month, many Brits are faced with the tricky decision of whether to spread out their spending evenly (£18 per day) or splash the cash.
Rather than taking a trip down Sensible Street, nearly half (43 per cent) of all earners admitted to paying out 13 days-worth (£240) of their leftover wage within just 24 hours of payday. By the last week of the working month, just £67 (or 12 per cent of monthly disposable income) remains.