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one in three of us can&#39t support lifestyle, reveals B&B

Only 22% of the population do not over-spend each month, as the much discussed UK debt mountain tops the £1tn mark, figures from Bradford & Bingley reveal some interesting insights into the minds of UK borrowers. Those who consistently over-spend attribute it to necessity rather than frivolity. With this being a problem that can only get worse for people each month, B&B offer advice on how to get the most

out of your money.

And 13 million people, 38% of overspending adults, say the reason they live beyond their means is, quite simply, that their salary isn&#39tenough to live on.

The research also reveals a more worrying trend – 20% of Britons say their overspending is down to a live for today, why worry about tomorrow&#39 philosophy.

The research showed credit cards to be the first resort for people going over budget, followed by dipping into the overdraft.

Michael Senior, head of personal lending at Bradford & Bingley, says: “The research reveals that the majority of people are aware of their debts but they simply don&#39t earn enough not to rely on credit. This will have severe consequences for many, as the problem is only likely to be compounded month by month.

“One way that people can actively mitigate against this is to look at all their financial products and ensure they are competitive. Remortgaging your home to a better deal, re-broking any insurance cover you have, or moving from expensive loans and credit cards, are just some of the ways to combat this problem.

“This short sighted financial view is a serious misjudgement, as you get older priorities will change and stability and security will take on much more prevalence.”

The Bradford & Bingley research also revealed distinct patterns in how people manage their monthly pay cheque and uncovered a &#39boom and bust&#39 trend, particularly among Briton&#39s younger workers.

Some 21% of Britons&#39 wage-earners take a &#39boom/bust&#39 approach to their monthly spending – splashing out the week after pay day. And 17% of people admit the week before pay day hits them hard in the wallet and they have to rein back spending to avoid more debt. The trend is more pronounced among the younger generation with a quarter of 18 to 29 year olds splashing out just after pay day, but a much higher 27% saying the week before pay day is tight.

A worrying 19% of people don&#39t keep any track of their finances. However, the majority of Britons, almost a third of us, take the more responsible route and try to make ends meet by budgeting carefully over the whole month between pay cheques.

Perhaps unsurprisingly, 40% of Britons would like to be more disciplined with money, a figure that rises to 56% among the younger generation.

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