Scots face longest January payday wait

This means that on average anyone expecting to be paid on Friday this week (the last Friday of the month) may have already felt in need of their regular income by lunchtime Wednesday instead.

The research, conducted by YouGov for Bank of Scotland reveals this ‘extra wait’ until January income arrives averages 2.0 days across Britain, while Scots face almost twice the extra wait compared to the Welsh, who will only need to budget for an extra 1.3 days on average this January.

Moreover, a significant minority in Scotland will have to spread their income over more than a whole additional week this month. One-in-twenty, or 5 per cent of Scots, were paid more than a week early in December and now find themselves having to budget for an extra gap of over seven days.

As a result, 39 per cent of Scots who received their income early last month say that managing their finances in January will have been a financial strain. This compares to an average across Britain of 33 per cent.

An expensive December often contributes to financial struggles in the New Year. Over a third of Scots (36 per cent) admit to dipping into their general savings over the festive season, while just one-in-five (21 per cent) used money saved specifically for Christmas. In tandem, only 48 per cent say they managed to absorb extra December spending within their normal monthly expenditure, the lowest in Britain.

YouGov’s findings also show that Scots are the least likely to make financial resolutions for the New Year. Despite a prolonged wait for payday and an expensive month, only 7 per cent made a New Year’s resolution related to their finances. This compares to 10 per cent of people across Britain.

Jon Roberts, ‎managing director of consumer & commercial cards at Bank of Scotland, said: “Make no mistake, January can feel like a long month, but as a nation we don’t always make it easier on ourselves. Our research illustrates how many don’t plan for a longer gap between pay cheques in January, which can make managing our money trickier in the New Year – and often makes best-laid plans and resolutions particularly difficult from month one.”