Nov 23 2007
A new report from Abbey has indicated that thousands of people across the country are raiding their savings accounts each month during the few days before being paid.
In fact, as many as a quarter of British adults use their savings cash under these circumstances, which could be bad news for those people who are trying to secure their own or their children's financial future.
Abbey's recent report also suggests that running out of money as payday approaches is a problem most commonly faced by younger generations of adult British consumers.
Steve Shore, head of banking at Abbey, said: "A staggeringly high number of people regularly fail to budget effectively each month and end up running out of cash before their next pay cheque.
"With Christmas almost upon us, it's especially important that people budget carefully during December's party season to ensure they don't run out of cash this party season."
The UK's Building Societies Association revealed recently that record amounts of money are now being invested into individual savings accounts supplied by its members around the country.
