London - One in six workers runs out of money every month, causing stress and sleepless nights for many of them, a study reveals.
Around 4.3 million (15 percent) are on ‘a financial tightrope’, constantly relying on credit cards, overdrafts and savings to survive until pay day, the report from the Post Office says.
A further 41 percent admit they face a similar crisis once a year, rather than every month.
For many, their monthly pay package simply gets their current accounts back to zero.
Overall, a quarter of workers said their financial situation ‘has a negative effect on their health’, typically causing stress.
Others say they have sleepless nights ‘worrying about how they are going to cover costs in the weeks before pay day’.
John Willcock, head of financial services at the Post Office, said: ‘It is a concern that we are becoming “Pay Day Britain”, just counting down to the next pay cheque.’
The report said many people adopt a ‘head in the sand’ attitude, and simply stop checking their current account at some point during the month when their finances have imploded.
However, Willcock urged people to check their account frequently to help them to keep control of their finances.
The Post Office report was based on a poll of 1,163 employed adults who have a current account. - Daily Mail
* Do you have money in your bank account at the end of the month? Do you have a bank account? Do you have a pay day? Use our comment form below to let us know the state of your pockets today...