The typical worker has spent all their take home pay by the 20th day of each month, according to a bank.
Current accounts are drained early by workers - leaving them to depend on credit to make ends meet.
According to a new survey from The Co-operative Bank, released today, the average Briton has spent all of his or her pay cheque by the 20th day of each month. Assuming a monthly salary of £1,580, the typical worker was found to have spent £228 within two days, with half of the salary gone within eleven days.
These trends are leaving people very short in the week leading up to payday, with many having little option but to go into their overdrafts. Use of personal loan and credit card borrowing to cover costs was also widespread, the Co-op indicated.
John Barker, head of current accounts at the bank, said: "The research shows that many people are still looking to go out spending straight after being paid every month, but with the current economic downturn, it clearly leads to a much more difficult time later when many cannot get their wages to stretch until they are next paid.
"In the present economic climate developing a household budget is essential to keep spending in check and to identify ways costs can be trimmed."
Further findings from the Co-op's survey shows that one in ten people never check their bank statements. This means that they are unaware how far into their overdraft allowance at any one time.
