Pay has gone in first week for one in five

One in five Britons has blown nearly all of their earnings within a week of getting paid, a survey suggested.

Around 19 per cent of people admitted that they spent the bulk of their wages in the week following their payday, while 14 per cent said that they had usually run out of money by the middle of the month, according to the survey by discount website VoucherCodes.co.uk

As a result, 14 per cent of people said they were forced to dip into their overdraft in order to get by until they were next paid, with those aged between 18 and 24 most likely to have to resort to going into the red.

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Men appear to be better at handling their finances than women, with 24 per cent of men saying they budget so that they always have money left over at the end of the month, compared with only 18 per cent of women.