A recent survey conducted by polling company Censuswide has unveiled concerning statistics regarding the financial circumstances of individuals in the United Kingdom. According to the findings, a staggering one in 10 people typically have less than £25 remaining in their current account at the end of each month after settling their bills. Furthermore, almost 38 percent of individuals generally have less than £100 left, and an alarming 75 percent have less than £500 by month end.
The research also illuminated the regional disparities in financial stability, with residents in Brighton (22 percent), Belfast (12 percent), and Glasgow (12 percent) more likely to have depleted funds by month end, compared to London’s eight percent and Cardiff’s five percent. The survey, which included over 2000 participants from across the UK, also revealed that nine percent usually have no money left entirely each month.
The study shed light on the significant impact of rising bill costs and stagnant salaries on individuals’ ability to save. Despite these financial challenges, just under a third (32 percent) of surveyed individuals reported managing to save monthly. Additionally, almost half (45 percent) of respondents confessed to feeling worried, anxious, or stressed about their finances by mid-month.
The report also highlighted that payday is often utilized as an opportunity to “catch up” with financial commitments, with 77 percent using it to pay off bills and 39 percent to clear credit card debts. Interestingly, the findings also indicated that nine percent of individuals view payday as the perfect time to indulge in treats, while ten percent enjoy spending at the pub post payday. Moreover, the study revealed that women are more likely to experience positivity and relaxation (69 percent) on payday than their male counterparts (61 percent).
In response to the survey’s findings, Yuval Samet, CEO and co-founder of RiseUp, a financial app, stated, “We are living in a challenging financial environment and cannot escape the pressures of the cost of living, which has an impact both on our bank balance and wellbeing.”
Additionally, the research provided insights into the varying proportions of people across different regions of the UK capable of saving money by the month’s end, as follows:
– Scotland, 38 percent.
– Northern Ireland, 36 percent.
– North East England, 43 percent.
– Yorkshire and the Humber, 26 percent.
– East Midlands, 33 percent.
– East of England, 35 percent.
– South East, 31 percent.
– South West, 35 percent.
– Wales, 35 percent.
– West Midlands, 24 percent.
– North West, 32 percent.
The survey’s findings underscore the financial pressures faced by many individuals across the UK and serve as a reminder of the importance of financial literacy and planning for the future. It is clear that more support and resources may be needed to ensure greater financial security and stability for all.