Brits 'just about break even' on salary

Many Brits may find they will struggle to build a credit rating if their expenditure exceeds their income.

Research from Bright Grey found UK adults spend an average of £1,315 a month and 23 per cent have nothing of their regular salary left by the time they receive their next pay cheque.

Around a third (33 per cent) of respondents said they only just manage to break even and ten per cent said they regularly exceed their salary.

Proposition director at the firm acknowledged 2012 will be a tough year for many, but advised people to carefully consider their financial situation.

"At a time when money is so tight, consumers should really think about their outgoings [and] how they can support themselves and their families in the best way," he commented.

Editor of financial advisory website CashQuestions.com Annie Shaw recently claimed credit cards are best put to use as a budgeting tool, warning they will become very expensive if they are used to spend beyond means.

Posted by Martin Peacock