PAYDAY MILLIONAIRES: Brits spend nearly half of their disposable income within 24 hours of being paid

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.

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