One in ten people spend more money than they have in their current account for at least seven months a year, figures show.

Parents with children under 18 typically have just £179 left in the bank the day before payday. Not surprisingly two-fifths of people ‘feel anxious’ about the cost of living.

The research for a ‘how Britain spends’ report for the TopCashback website, also found that, on average, people have £323 left in their current account the day before payday. 

But 17 per cent of the 2,000 polled said they have nothing or a negative balance. Workers with higher salaries are more likely to spend more than they earn because they can access credit more easily.

Around two-fifths (41%) of people surveyed said they feel anxious about the cost of living on a weekly basis.

One in ten people spend more money than they have in their current account for at least seven months a year, figures show (file image)

The research also indicated that people with higher salaries were more likely to be spending more than they earned for a higher number of months, perhaps partially an indication of higher earners being able to access credit more easily than those on lower incomes.

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