Co-operative Bank claims wages are spent by the 20th

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Co-operative Bank claims wages are spent by the 20th

Most people have spent their salary by the 20th day of the month, according to new research.

The Co-operative Bank found that many people have to dip into their overdrafts or spend on credit cards because they have less than ten per cent of their wages left 11 days after payday.

On average, the last ten days of the month see people having to live on £48, or three per cent of their salary.

With an average take-home pay of £1,583 each month, most people spend £80 within the first day of receiving their salary, increasing to £228 within 48 hours.

That is nearly 15 per cent of the total.

Another recent press release from the Co-operative Bank showed that its customers have remained happy with its service despite the effects of the recession.

Most (80 per cent) would recommend it to others, according to the research carried out by GfK NOP.

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