Nearly three-quarters (73%) of adults in the UK, which equates to 38 million people, have said that they don’t have their spending fully under control, new research from TopCashback has found.

The cashback site’s How Britain Spends report has also found that nearly nine million adults (17%) have nothing left in their current account, or have entered their overdraft, the day before payday, with the average adult having £323 left in their current account pre-payday.

The cost of living crisis is having a major effect on people’s spending, with nearly half (47%) of those who don’t have their spending under control citing the crisis as the cause.

The majority (59%) of adults surveyed said that they spend more than they earn for at least a month a year. This is most coming for students, with eight in 10 finding themselves in the same situation and least common with retirees, with just over one in five (21%) doing so.

Furthermore, adults earning £35,000 or less typically spend more than their salary for two months of the year, while those earning over £100,000 a year on average stretch beyond their means for four months.

UK director at TopCashback, Adam Bullock, said: “Our report brings to light just how thinly salaries are being stretched. In the wake of huge hikes, from grocery bills climbing by 41% to spending 24% more on toiletries, it’s no wonder that millions are having to pay out beyond their means so regularly.

“And while the country’s economy is showing slow improvement as we head into autumn, many are still suffering from the turbulence of the last few years. With the cost of living remaining high, we want to encourage people to be as savvy as possible when they do spend money to make their hard-earned cash go as far as possible.”

Personal finance expert, Sue Hayward, added: “Making your money work harder is essential in the current climate, with so many of us budgeting and planning to make every penny count. The fact that people are regularly spending beyond their means is concerning, but sadly not surprising with households facing higher mortgage and food costs, however there are simple steps people can take to get the most from their money.

“This includes making sure you shop around for the best deals and getting the most from loyalty schemes and cashback offers. It’s always worth double checking your bank balance to ensure you’re not shelling out on direct debits for old subscriptions you don’t use, or auto renewing insurance policies.”

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