A fifth of Brits blow budget within a week of being paid

18 February 2008 / by Verity G
UK consumers are 'heading for a meltdown'; according to a study published today which reveals that we are spending faster than ever before.

The survey of 1,968 adults commissioned by Virgin Media, found that across the UK, almost a fifth admitted spending their entire monthly wage in the first week of the month, while a worrying three per cent blow their entire budget within a day of receiving it.

Conducted to mark Virgin Media’s free 4Mb to10Mb broadband upgrade for customers, the survey revealed that the nation's fastest spenders are the Geordies with 25 per cent frittering their salary within a week of being paid, while 46 per cent of Brits say they run out of money before pay day, with half of these running out after only two weeks, which barely leaves any money left to go into savings accounts .

Conversely, workers in Yorkshire are the most frugal with 50 per cent claiming their salary lasts until the end of the month followed the finance-savvy Scots and those living in the South West of England.

And it seems that spending isn't the only thing that Brits are rushing into. Time pressures were also felt in the bedroom, as exhausted Britons rush lovemaking in order to squeeze in some sleep. The survey, found that Geordies top the poll of the nation’s fastest lovers with 16 per cent spending ten minutes or less having sex. In stark contrast to the fast-paced stereotype given to the capital, Londoners take longer than anyone else to travel to work and are amongst the slowest lovers and taking longer to start a family.

Other evidence of fast living includes the 20 per cent of people who admit to spending ten minutes or less eating a typical evening meal and an alarming 48 per cent who wolf down their food within 15 minutes.

Psychologist Honey Langcaster-James comments: "From rushing down our meals to squeezing love-making into the shortest possible time frame, we seem to now be racing through life at a crazy pace.

"The question we have to ask ourselves is 'Where is this going to end?' In a few years time are we going to see ourselves spending even less time with loved ones and bolting down meals in just a few seconds?

"There is a real danger that people are heading for meltdown unless we slow down and realise that there are only so many hours in the day in which to get everything done."

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