Four million Brits losing sleep over money worries
In a report released by the Post Office today, it was revealed that around 4.3 million Brits, or 15 per cent, are balancing on a 'financial tightrope', with credit cards, overdrafts and savings their only way to make it through until pay day. A further 41 per cent admitted they were likely to face a similar situation at least once a year.
A quarter of workers said the stress of their financial situation has had a "negative effect on their health", while some suffered sleepless nights "worrying about how they are going to cover costs in the weeks before pay day".
Many employees confessed they were living constantly in the red, with their monthly wages only just getting their account back to zero, a situation that is driving many deeper and deeper into debt.
The report revealed that the soaring cost of living has left many in financial strife, with many British families opting for the 'head in the sand' attitude to money by simply avoiding looking at their bank account at a certain point during each month.
John Willcock, head of financial services at the Post Office, told the Daily Mail: "It is a concern that we are becoming 'Pay Day Britain', just counting down to the next pay cheque.
"However, the bigger worry is that so many workers are struggling to balance their income versus their outgoings every month."
Mr Willcock urged Brits struggling with money to check their current account on a more frequent basis, in order to help them gain control of their finances.
Do you run out of money each month, and if so, do you simply stop looking at your account? Leave your comments below...