# PAYDAY MILLIONAIRES: Brits spend nearly half (43%) of their disposable income within 24 hours of being paid
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-06-13
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: UK's Payday Millionaires: How We Spend Our Money
Meta Description: Discover how Belfast, Liverpool, and Dublin top the list for disposable income spending within 24 hours of payday. Are you a 'payday millionaire' too?
URL: https://financedigest.com/payday-millionaires-brits-spend-nearly-half-43-of-their-disposable-income-within-24-hours-of-being-paidhtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/people-in-meeting-roomry6e-1736843771925-compressed.jpg)

- 81% of our disposable income is spent within seven days of payday
- Belfast is revealed as the ‘payday millionaire’ capital of the UK, followed by Liverpool and Dublin

New research conducted by pension advice specialist, Portafina, has revealed that we are a nation of ‘payday millionaires’ – in other words, we are likely to spend our incomes long before it burns a hole in our pockets! The survey shows that nearly half (43%) of our monthly disposable income is splashed within 24 hours of being paid, and four-fifths (81%) spent within seven days.

Portafina polled a sample of 1,507 UK-based working adults to determine what percentage of our income is ‘disposable’; how much of this available cash is spent within one, seven and 21 days of being paid; and what we are choosing to spend our money on.

With an average of £560 leftover to enjoy each calendar month, many Brits are faced with the tricky decision of whether to spread out their spending evenly (£18 per day) or splash the cash. Rather than taking a trip down Sensible Street, nearly half (43%) of all earners admitted to paying out 13 days-worth (£240) of their leftover wage within just 24 hours of payday. By the last week of the working month, just £67 (or 12% of monthly disposable income) remains.

**Spending in numbers:**

- Average take-home salary (of respondents): £1,679
- Average sum leftover after bills (disposable income): £560
- Average percentage of disposable income spent within 24 hours: 43% (£240)
- Average percentage of disposable income spent within seven days: 81% (£454)
- Average percentage of disposable [income left in the week leading](https://www.financedigest.com/financial-independence-through-passive-income-leads-to-a-happier-retirement.html "Financial Independence Through Passive Income Leads to a Happier Retirement") up to payday: 12% (£67)

Earners aged 18-24 were guiltiest of living the ‘payday millionaire’ lifestyle; with a third (33%) spending 40% of their pay in 24 hours, and 51% left with just £50 (or 10% of their disposable income) to live on in the last week of the month.

The [top ten ‘payday millionaire’ cities (based on greatest number of people that spent 50% or more of their disposable income within 24 hours of getting paid)](https://www.financedigest.com/sport-ronaldo-tops-forbes-highest-paid-athletes-list-in-2023-after-saudi-move.html "Sport-Ronaldo tops Forbes’ highest-paid athletes list in 2023 after Saudi move")

01. Belfast (27%)
02. Liverpool (20%)
03. Dublin (16.7%)
04. Birmingham (16%)
05. London (14.9%)
06. Manchester (14.8%)
07. Edinburgh (14%)
08. Newcastle (13%)
09. Bristol (12.2%)
10. Sheffield (11.55)

So how are we spending our hard-earned income? [According to the research](https://www.financedigest.com/senior-leaders-more-at-risk-of-burnout-than-ceos-according-to-new-research.html "Senior leaders more at risk of burnout than CEOs, according to new research"), an average of £58 is spent on new clothes, £57 goes on things for the house, £72 is spent on travel, £46 goes on healthcare costs, £47 is used for cinema/theatre/gig tickets, and £44 is used to pay for beauty treatments or haircuts. The survey also showed that a night off from cooking or a visit to the local for a pint or two was also very popular:

- Average sum spent on eating out: £65 p/m
- Average sum spent on takeaways: £52 p/m
- Average sum spent drinking in pubs/bars: £57 p/m

Jamie Smith-Thompson, Managing director at Portafina commented: “I couldn’t help smiling when I saw the results from our survey as in many ways they reinforce some long-held regional, age and even British stereotypes. We all like to enjoy ourselves! You can see that most people still had money left at the [end of the month despite](https://www.financedigest.com/geberit-reports-q1-beat-despite-end-of-bathroom-renovation-boom.html "Geberit reports Q1 beat despite end of bathroom renovation boom") this and having paid all the bills, which confirms that we are a responsible lot overall.

“Perhaps the most surprising thing was how honest people were with their responses. As a financial adviser I am going to say that if you can commit some more of this [money](https://www.financedigest.com/minimalist-money-simplifying-finances-for-a-stress-free-life.html "Minimalist money: simplifying finances for a stress-free life") towards your pension then you will be able to keep being a payday millionaire when you retire as your pension cheque comes through each month.”

Find out more about Portafina at [www.portafina.co.uk](http://www.portafina.co.uk/).


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---