North-West people have 'less than £10 a day' disposable income
People living in the North West have just £293.32 of disposable income each month, less than £10 a day, a study has found.
The recent poll, commissioned by Salary Finance, found that after paying out for their rent and mortgage, utility bills, food and other living expenses, just a small amount of ‘spare’ cash is left over for the lighter things in life.
In comparison to the nation this means people in the North West are better off than the national average, which sees people left with £276 of disposable income each month.
Of those surveyed living in the North West region, 40% even claim to often have months with absolutely no disposable income whatsoever.
And nearly four in 10 feel like they are never going to be earning enough money to give them a decent amount of disposable income.
It also emerged that for those who do have some more left at the end of their month, eating out is the most popular way to spend it, along with by putting some away towards a holiday and new clothes.
Asesh Sarkar, chief executive and co-founder at Salary Finance, the salary linked benefits provider which commissioned the research, said: “For many, the main reason for going to work is to earn a living.
“But while we want to be able to pay the bills, it would be nice to have at least a little bit left over to spend on some of the lighter things in life.
“Unfortunately, it seems for many, there is just not enough money to go around and they are left with very little spare cash after paying out for all the essentials.
“This can lead to feelings of stress and even depression concerning financial wellbeing, which can impact people both personally and professionally.”
Researchers found that despite having an average monthly income of £1,961.85, the average person from the North West is left with just £293.32 for luxuries after covering their essential bills.