Britannia Building Society: Pay day splurge

Free spending Brits get through more than £350 million during the first 12 hours after they have been paid.

More than one million men and women will blow around £100 each shopping on pay day lunch time, while another 2.5 million will get through the same amount on a pay day night out.

The study, for the launch of Britannia's one year fixed rate Regular Saver account – which has a 7.5 per cent fixed rate for 12 months – found that millions of Brits have no control over their finances.

Most have spent their wages 21 days into the month. But people in the North West spend the quickest, getting through their pay in just under 19 days.

Tim Franklin, Director of Britannia's Member Business, said: "A lot of people have a tight rein on their finances – but many spend quickly at the start of the month and leave themselves facing tough times later on.

"With a little more planning, millions of people could get their finances under control. They could spend and save as well.

"And by opening a new Regular Saver account, what ever they do save will earn the highest rate of interest."

Millions more fun seeking people admit they will blow another £200 partying over the first weekend after pay day.

More than three quarters (76%) of men binge on meals out, takeaways, new gadgets and clothes when their wages slip arrives while women prefer new shoes, sexy out fits and romantic dinners.

But easy spending over the first few days causes misery later on – with men and women facing a final week of the month surviving on little more than £60.

People in the North East face the toughest time existing on just under £54 for an average of 7.8 days each month, according to a survey of 2,000 people for Britannia Building Society.

Cash strapped adults try to cut costs by eating meals at their parents or parents in law, taking the bus or asking for lifts instead of using their car.

Around two million Brits leave themselves in such a financial mess they have to go hungry, cutting out the odd meal to save a few extra pennies.

Over 40 per cent of men tackle their end of month financial woes by cutting out trips to bars and pubs and meals out while women buy cheaper meals and prepare packed lunches.

Smallest end of month budget

North East - £53.98
South West - £56.09
Ireland - £59.79
London - £60.25
Midlands - £60.82
South East - £62.37
Scotland - £63.12
Wales - £65.86
North West - £66.55