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Eight in ten workers borrow money to make ends meet between pay days


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EIGHT in ten workers borrow to make ends meet between pay days, new research has found that lays bare Britain’s problem with debt.

Nearly half of workers have admitted getting into difficulties from using payday loans, according to research by wage experts Hastee Pay.

An alarming 45 per cent of those surveyed said they had got into difficulty with doorstep loans and two in five have encountered difficulty with bank overdrafts after using them to pay bills.

Others said they regularly use credit cards and unplanned overdrafts to source money between pay days, according to the Workplace Wellbeing Study.

Experts said the findings expose the traditional monthly pay packet as out of date and fails to give households the ability to cope with the weekly nature of bills and other outgoings in modern life.

Workers aged between 25-44 are the most reliant on credit cards – opening the door to a cycle of debt.

The problem is most acute among Londoners – with more than nine in ten people in the capital relying on credit cards to help budgeting and personal finance due to much higher costs of living.

The study also found a massive 18 per cent gap in the proportion of male and female workers who said they felt comfortable asking for a pay rise.

Some 52 per cent of women said they felt uncomfortable asking for a pay rise at work, compared to 34 per cent of male workers.

Hastee Pay boss James Herbert warned: “There is a clear disconnection between spending habits and the frequency of pay.

“The fact that those in steady employment are struggling to balance their incomings and outgoings paints a worrying picture.

“We’re not just seeing those on lower pay struggling to put food on the table but also middle-income families unable to cope with an unexpected £500 bill.

“The purchasing demands of modern society, with technology having created an ‘on-demand’ culture, no longer fit the traditional monthly pay cycle.

“The reliance on high cost credit options for even those in senior positions tells us that pay cycles are too rigid for today’s workforce to effectively manage their finances and provide for their families.

“The financial stress this creates is impacting workplace productivity.

Employers should consider offering workers immediate access to earned pay, smoothing workers’ incomes to match their spending needs.

“Employers already offering this are experiencing improved employee engagement.

It is entirely plausible for people to enjoy a better quality of life without borrowing to get by and immediate access to earned pay can help achieve exactly that.”

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