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05th Jan 2017

More than 1/3 of women admit to this worrying financial habit

Cassie Delaney

A new study has emerged which demonstrates a common but worrying thread amongst 32 percent of women.

According to the study, commissioned by Quidco, 32 percent of women spend the majority of their wages within a mere seven days of being paid.

We’re probably fairly guilty.

A further 7 percent have spent the vast majority in the first 24 hours.

The study also revealed almost half (42 percent) attempt to stick to a monthly budget for it to “never work out” – with a further 41 percent admitting they “struggle” to make their money last the full month. At least, we’re not alone.

27 percent admitted splurging on a big night out with friends or family following pay day.

The top payday splurge emerged as clothes (28 percent) and one in five (20 percent) admitted buying new shoes AS SOON as new funds appeared in their bank account.

23 percent claimed they purchased things for the house and 12 percent had beauty treatments.

When funds run low, 17 percent said they rely on credit cards to see them through the remainder of the month – while a further 16 percent rely on their overdraft.

Over one in ten (11 percent) admitted to having to ask family members to help them out until the next pay day.

Worryingly, 20 percent hide their spending from family and friends.

But funnily enough, 89 percent of those surveyed describe themselves as “money savvy.”