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Millions of workers feel the pinch

Over a fifth of workers are ending up in their overdraft every month, according to new research

 

A study by Post Office Money Current Accounts has found that almost 10 million of us are worrying about whether our wage will last or the entire month.

They questioned nearly 1,200 people in full or part-time work.

As many people look for ways to save money and survive the month without going into the red, a quarter of people in the survey admitted to dipping into their savings to make ends meet.

Around 13 per cent said they often skip meals to save cash in the run-up to pay-day.

And, around 40 per cent admitted to hunting for reduced goods at the supermarket, with 39 per cent saving by taking lunch to work.

Head of Current Accounts at Post Office Money, John Willcock said: “Whilst a third of the working population worry every month, many more find themselves short at the end of the month at some point throughout the year.

He added: “A number of people will be relying on savings, credit cards and overdrafts, highlighting the financial juggling act many of us face.”

There are many online tools available to people to help them keep track of their finances but 25 per cent of people say they struggle to do so.

Last week, a report found the squeeze on household finances was at its mildest in April for six years.

According to Markit’s monthly household finance index, it is as a result of consumers feeling better about the impact of living costs on their budgets.

The overall reading in the Markit Household Finance Index lifted to 45.8 in May, up from 45.5 in March, marking a new record high for the survey which started in 2009.

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