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Banking solution provider Suit Me analysed spending habits amongst members of the British public, and found 21 percent of those asked to use their disposable income on “payday treats”.
The survey, carried out in June 2021, asked 1,000 adults about their spending habits.
Specifically, the mobile bank analysed how much of disposable income was spent on a person’s paydays each month, as well as what they were spending this money on.
This data was matched with the latest figures from the Office of National Statistics’ (ONS) earnings and household expenditure data in order to calculate the average amount spent in different areas of the country.
The vast majority of people revealed they regularly spent a substantial amount of their disposable income after getting paid.
Only one in eight, 12.5 percent, of those surveyed said they did not spend any of their disposable income on payday.
Among the most popular ‘payday treats’ were takeaways, which counted for 41 percent of the public’s spending.
This was followed by drinks out (37 percent) and going out for a meal with friends or family (37 percent).
Spending: Brits are losing £132 a month due to haphazard spending sprees (Image: GETTY)
Around three in 10, or 29 percent, admitted to spending their cash on designer shoes or clothes after getting paid.
Conversely, personal training sessions, limited-edition products and video games garnered the least amount of interest by people on payday, garnering only 10 percent of purchases each, respectively.
Londoners were found to be the most likely to spend a large amount upon getting their pay cheque.
People in the nation’s capital saw their payday spending rise to £163 per month, a sharp rise from the average.
This was followed closely by the North East with £148.74 in expenditure every month.
Comparatively, people in South-West England were revealed to have the best control of their money, as on average they only spent £99 per month on products and activities.
Outside of regions in England, Scotland had the highest expenditure, with Scots spending an average of £162 per month.
In direct comparison to the UK’s separate nations, this represents the highest payday spending average among the four countries.
Those in Northern Ireland were found to spend £150, while the English and Welsh splurge £137 and £142 on payday.
Surprisingly, men spent double the amount of money of their pay cheque on designer clothes.
Spending: Scots have the highest monthly expenditure outside of London (Image: GETTY)
Furthermore, men also spent 17 percent of their disposable income on beauty treatments and products, which is the same amount women spend.
Richard Lynch, the Managing Director of Suits Me, cautioned the public of spending too much money between pay cheques.
Mr Lynch said: “If you’ve ever found yourself splurging on a payday treat, it turns out that you’re not alone.
“With our research indicating that the vast majority of the country are treating themselves on payday, it seems that most people need a bit of a pick me up treat at the end of the month.”
He added: “Whether it’s a cheeky takeaway, drinks with friends, or even something more extravagant such as a boat, it’s important that the public are mindful of spending too rashly at the start of each month to ensure you are not left short before your next salary payment comes through.”