Residents spend a fifth of their disposable income within 24 hours of being paid

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Midlands residents are left with an average £516 disposable income after paying rent and bills (average take home salary of £1633)

New research conducted by pension advice specialist, Portafina, has revealed that we are a nation of ‘payday millionaires’ – in other words, we are likely to spend our monthly income long before it burns a hole in our pockets.