Just 17 days a month are money-worry-free

Halifax asked how far into the month people get before money gets tight, and they have concerns that they won't have enough cash to get them to their next pay day. It found:

• 1 in 10 people admitted that things get tight for them within a week of receiving their monthly salary
• By week two, 1 in 5 people are concerned that they won't have enough to get them through the rest of the month. This increases to a third of people by the third week
• In the last week before pay day, half of the population is concerned that they won't have enough money until they next get paid.

On average, this means that people are concerned that money is tight 17 days after they've been paid.

Responses to the research demonstrate that money concerns are encouraging people to have more vigilance and take more control over their bank account.More than one in five people (21%) check their bank balance at least once a day, and a further 22% check it more than three times a week.

A quarter of people check their balance weekly, with just 13% checking their account no more than once a month.

This level of account management, however, is leading to an increased level of knowledge and awareness of current account balances.

• 38% of the population claim to know how much is in their bank account to the nearest £5
• A further 23% say that they know how much money they have to the nearest £20
• 1 in 20 who say they only know their current balance to the nearest £500

Commenting, Anthony Warrington, director of current accounts at Halifax said, "With mobile banking apps and internet banking, it's much easier to stay on top of spending and account activity whilst on the move.

“It's encouraging to see people take control of their bank balance, as it means that they will have a better awareness of their own financial needs.”