Millions of Brits are being plunged into debt because they are left with just £6.60 a day to get by on after bills have been paid.
According to research, a quarter of adults are using credit cards and overdrafts as an extension of their bank balances as the buy now, pay later culture pushes them into the red by £1,222 a year.
Half of workers forced to borrow to make ends meet – and money now a bigger worry than health.
Nationwide Building Society’s Spending Report revealed most people are finding it tougher to survive financially today compared with five years ago.
Two thirds are tightening belts and cutting back on luxuries like holidays abroad, outings and treats as well as lottery tickets and donations to charity to make ends meet.
The survey found on average Brits had £60.76 less in their pockets to spend on extras like snacks, toys and accessories in the three months to June compared with the same time last year while household bills went up by £87.80 over the same period.
Eight in ten said they had felt the impact of higher energy bills, council tax and grocery shopping.
Guy Simmonds, Nationwide’s head of customer management for current accounts, said: “Finances are clearly under some pressure.
“Despite the reality that money is tight for some, there are encouraging signs that people are taking the right steps by cutting back on non-essential spending and finding ways to make their money go further.”
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