Four in ten people struggle to make it to payday

This equates to over 18 million individuals across the UK.

Those who found it difficult to reach ‘payday' said their struggle now begins on day 19 of a typical month - this has slipped from day 20 in July.

Credit card payments and spending on non-essentials are central to people's financial heartache. More than a third (33%) say credit card payments causes their financial struggle, while 24% say spending on going out, or non-essentials creates the pressure. Paying off bank loans and making mortgage repayments clearly also play a significant role, with 15% of people surveyed stating these as the source of their problems.

R3 president, Steven Law, said: "It is extremely worrying that for a third of the month people are struggling with their finances… People may also be struggling earlier on in the month due to heating bills increasing in the winter and many beginning to spend more money on the run up to Christmas."

Individuals in the North are most likely to struggle to ‘payday' (42%), with those in Scotland close behind (39%). People living in the Eastern region are least likely to say they struggle to ‘payday'.

More women struggle to ‘payday' than men (at a 42% net struggle compared to 32%, respectively). The reasons for men and women struggling are very different: 36% of males say making credit card payments causes financial stress compared to 30% of females, while 21% of males compared to 25% female say spending on going out or non-essentials causes financial hardship before payday.

Steven Law added: "One of the fundamental problems is people's inability to budget which is seen most strongly amongst young people who have been brought up on a culture of credit and having everything now. I cannot endorse enough, the benefit of setting a monthly budget and sticking to it.

“Spending on non-essentials should be planned, and knowing that you can afford the cost will make it more special. Those without surplus cash at the end of each month should consider seeking advice."