Workers in East of England spend more on payday than almost any other region
Almost a quarter of people (23%) in the East of England spend more than half of their income the day they receive it, new research shows.
A consumer survey, conducted for KPMG by YouGov, revealed that the East of England is the country’s second biggest payday spending region, beaten only by the West Midlands (26%) and tied with the South East.
The survey also revealed that for those in the East, the most significant expenses on payday are utility bills (60% of respondents), housing costs (53%) and grocery shopping (34%).
Some 24% of those in the region also focus on paying off credit card bills, while 14% were found to be paying off loans and other unsecured debt within 24 hours of being paid.
Across the UK, more than one in five (22%) 25 to 34-year-olds spend at least 60% of their pay as soon as they get it, with 3% finding themselves in the red by the end of the day.