Check your bank account warning as many workers will need cash this week
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More than half of adults who expect to run out of money in January will be in need of cash by this week. Financial insights provider Intuit Credit Karma says that a third (32%) of UK adults anticipate running short of cash before the end of this month.
Among these individuals, 53% predict they will have spent up by January 15. So some people have just 48 hours before they run out of money. The pressure of Christmas shopping and winter bills may push some into debt. As December wages are often paid early, January can be a challenging month for people needing to stretch their pay further.
A similar study last year identified January 20, 2024 as the critical point when people would start relying on funds other than their income to make it until the next payday. In the latest survey, a quarter (23%) of respondents said they had spent more during the most recent festive season than in previous years.
Intuit Credit Karma's own analysis indicates that the most popular date to apply for credit products last year was January 4. To help their finances, three in 10 (29%) people said they will avoid socialising in January, a figure that rises to 38% among 35 to 54 year olds, reports Lancs Live.
Some people admit they're still shackled by the financial hangovers of Christmases past, even as they splurged in Christmas 2024. Akansha Nath, Intuit Credit Karma's top brass for international ops, remarked: "Many people enter January with stretched budgets, making it a good time to consider a budget planning tool, consolidate debt, or take advantage of interest-free balance transfer offers.".
