A new survey shows North West residents have just £293.32 of disposable income each month, less than £10 a day.
The poll, commissioned by Salary Finance, found that after paying out for their rent and mortgage, utility bills, food and other living expenses, just a small amount of ‘spare’ cash is left over for the lighter things in life.
In comparison to the nation this means people in the North West are better off than the national average, which sees people left with £276 of disposable income each month.
Of those surveyed living in the North West region, 40 per cent even claim to often have months with absolutely no disposable income whatsoever.
And nearly four in 10 feel like they are never going to be earning enough money to give them a decent amount of disposable income.
It also emerged that for those who do have some more left at the end of their month, eating out is the most popular way to spend it, along with by putting some away towards a holiday and new clothes.
Asesh Sarkar, CEO and co-founder at Salary Finance, the salary linked benefits provider which commissioned the research, said: “For many, the main reason for going to work is to earn a living.
“But while we want to be able to pay the bills, it would be nice to have at least a little bit left over to spend on some of the lighter things in life.
“Unfortunately, it seems for many, there is just not enough money to go around and they are left with very little spare cash after paying out for all the essentials.
“This can lead to feelings of stress and even depression concerning financial wellbeing, which can impact people both personally and professionally.”
Researchers found that despite having an average monthly income of £1,961.85, the average person from the North West is left with just £293.32 for luxuries after covering their essential bills.
The rent or mortgage takes up the biggest chunk of cash, while food and drink accounts for £207.63 per person each month.
Utility bills take another £183.74 a month, while TV, internet and phone costs add another £64.41 to the total monthly expenditure.
Other direct debits, credit card and loan repayments and even the cost of traveling to work also adds up over the course of a month.
As a result, the average adult in the North West estimates they spend just £219.25 a month on items they would describe as luxuries – more than the national average of £201 a month.
Eating out accounts for £64.68 a month, with another £73.55 is spent on going out with friends and socialising.
Almost £37.04 a month is also splashed out on sports and hobbies.
For parents, they have even less spare cash with the average mum and dad saying their monthly disposable income dropped by £290.09 after having children.
It also emerged more than seven per cent would describe their financial situation as poor, while another 31 per cent say they just about make ends meet.
More than 30 per cent of those polled via OnePoll in the North West also admit they would have more money and disposable income if they were better at budgeting and managing their money.