Many Brits have little idea where their salary goes after they've taken care of their regular outgoings, reveals a new survey.
Once the mortgage or rent is covered along with the bills and living expenses, at least one in three don't know how they spend the rest, suggests research from the bank Alliance and Leicester.
The average leftover salary after living expenses is just over a sixth of our take-home pay, which on average is £276.
Many consumers then tend to fritter much of this money away on entertainment, clothes, treats and eating out, with few keeping tabs on their expenditure.
Some of the money does end up in a savings account however, with 56 per cent managing to put some money away.
A quarter of savers told researchers they saved from £10 to £50 a month and one in ten opts to put between £50 and £80 into a savings account .
A further two out of five said they wanted to improve their spending habits and Simon Ripton from Alliance and Leicester urges consumers to change the way they manage their monthly expenditure.
"And who knows, after a year of regular saving you might have enough for a dream holiday as well as paying off those nagging debts," he said.
The bank's survey also asked what people would do if they succeeded in putting £3,000 into a savings account and a third said they would invest it, 35 per cent said they would clear debts or mortgages with it and another quarter said they would use it to pay for home improvements.
Money fails to make it to savings accounts for spendthrift Brits
Money fails to make it to savings accounts for spendthrift Brits
Mon, 10 Apr 2006
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