Britons spending 17 days’ salary to pay yearly debts

New research has revealed that Britons unwittingly spend 17 days worth of salary in order to pay off debts every year.

Bright Grey's Financial Safety Net report revealed that after tax obligations, the average full-time employee in the UK has to work solidly for a number of months just to keep them fed and in a home.

According to the Adam Smith Institute, today (May 29th) marks Tax Freedom Day, which is the point in the calendar when Britons stop working for the Treasury and begin to earn their own money.

Figures from the Financial Safety Net report found that 17 full days are needed to keep up with steep debts that average at nearly £1,500.

"There are such a range of costs that many families struggle to cover – and it's quite scary to think that we spend more on taxes than housing, bills, groceries and debts put together," Bright Grey's proposition director Roger Edwards commented.

Posted by James Francis