This is how much disposable income people in Yorkshire have after paying their bills
People living in Yorkshire have just £319.36 disposable income from their pay packet each month, or just over £10.50 a day, it has been revealed.
A recent poll, commissioned by Salary Finance, found that after paying 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.
But people in Yorkshire and The Humber are actually better off than the national average, which sees people left with £276 of disposable income each month.
Of those surveyed within the region, around half even claim to have months with no disposable income at all, on a regular basis.
And more than four in 10 feel like they will never earn enough money to give them a decent amount of disposable income.
It also emerged that for those who do have some left at the end of their month, eating out is the most popular way to spend it, or putting some away towards a holiday and new clothes.
Asesh Sarkar, CEO and co-founder at Salary Finance, the salary linked benefits provider that 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 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 £1,867.79, the average person from Yorkshire and The Humber is left with £319.36 for luxuries after covering essentials.
The rent or mortgage takes up the biggest chunk of cash, while food and drink accounts for £219.62 per person each month.
Utility bills take another £186.41, while TV, internet and phone costs add another £60.94 to the total monthly expenditure.
Other direct debits, credit card and loan repayments and the cost of traveling to work also add up over the course of a month.
As a result, the average adult in Yorkshire and The Humber estimates they spend just £240.52 a month on items they would describe as luxuries.
Eating out accounts for £67.04 a month, with another £73.35 spent on socialising.
Almost £47.60 a month is splashed out on sports and hobbies.
Parents have even less spare cash with the average mum and dad saying their monthly disposable income dropped by £248.40 after having children.
Three per cent would describe their financial situation as poor, while another 33 per cent say they just about make ends meet.
And over 41 per cent admit to having felt envious of friends, relatives and colleagues who seemingly have more disposable income than they do.
But while 52 per cent of people in Yorkshire and The Humber set a budget to try and make their money last, 25 per cent usually fail to stay within limits, going an average £133.71 over budget each month.
Asesh added: “Money worries affect 40 per cent of UK employees, and our extensive research within this sector shows that this is not linked to salary amount as you may expect.
“In fact, financial wellbeing is related more to saving, spending and borrowing habits, meaning those that do manage to save some money each month feel happier and are less stressed by their financial situation.
“Of course, we know a lack of disposable income, amongst other things, can make saving hard. That is why salary linked saving can be beneficial to many, as money is directed straight into a savings account.
“This helps people feel happier knowing that they have this money for any emergencies – or to treat themselves on a rainy day.”
Top 10 things Brits are most likely to spend their disposable income on are:
1. Eating out
4. Entertainment trips, such as to the cinema
5. A hobby
7. Nights out in the pub/ clubbing
9. Tech or gadgets
10. Music or gig tickets