27% of adults in the UK have already dipped into their overdraft by the middle of the month, new research has found.

According to a survey conducted on behalf of budgeting account provider Thinkmoney.co.uk, 27% of respondents enter their overdraft by the 17th day following payday – just over two weeks after their wages or benefits go into their account.
This is not including the 1% of people who say they are overdrawn all month long.

Every month, 35% of Brits go into their overdrafts. And 21% of respondents admit they are in their overdraft within just a week of payday. In fact, 13% slip into being overdrawn just a day after they get paid.

Being overdrawn is more commonplace among younger people, with 50% of 18 to 24-year-olds revealing they are overdrawn for at least part of the month. This drops steadily until people reach the age of 55 and over, with just 22% of this age group revealing they go into their overdrafts during the average month.

Across the country, residents of Northern Ireland are the most likely to say they are overdrawn before payday (47%), while people living in the South West are the least likely to (25%).

Ian Williams, spokesman for Thinkmoney, said: “An overdraft should be a safety net, there to help when something goes wrong. But it appears for many people being overdrawn has become the norm.

“In fact, many don’t regard it as a debt, but it is and spending most of the month overdrawn is a worrying position to be in.”