Nottingham named UK's 'most cash-strapped city' as people struggle to make it to payday
More than 80% of residents expect to have burnt through their January pay check before the end of the month
A recent study has named Nottingham as the UK's most 'cash-strapped city'.
The frightening statistic comes after more than 80% of residents surveyed said they are expected to burn through their January pay check before the end of the month.
This becomes even more alarming when compared to the national average of 72%.
The average salary for someone working in Nottingham is £30,000 per year which is below the UK average at £34,963.
Read more: Your Nottingham
According to the study by small business insurer Simply Business, well over a tenth of Brits (14%) revealed that they had already spent their December earnings before January even started.
This figure is slightly higher for women (18%) versus (11%) for men.
Almost three-quarters expect to exhaust their entire December wages well before the end of the month.
The race to pay day
For Britons aged 25-34, this rises to 82%, marking this age group as the most financially strained. Although the 55+ age group finds themselves in the best financial position in comparison to the other age groups, three-fifths (61%) still expect to spend their entire December wages in January.
And sadly only one-third (28%) believe that they will make it through to payday with some money in the bank.
Sheffield and Glasgow were among the most 'cash-strapped' cities with Brighton coming out as the least worried about their wages.
Alan Thomas, UK CEO at Simply Business: "The stoic spirit of small business owners is the backbone of the UK economy - their resilience is vital to the nation's recovery and growth. The fact that many SMEs across the UK are struggling so significantly is a serious cause for concern for the British economy and communities.
“Naturally, the impact on consumer purchasing behavior is trickling through to the books of small business owners at a time when SMEs need our support the most. The reduced levels of cash-flow and liquidity will only make things worse for many. Small businesses sit at the heart of our communities and are vital to our economy, and we must continue to support them in these times of financial uncertainty.”