Payday One Day Skint The Next

A report from Halifax is to show that British workers are worrying they are broke 17 days after being paid!  Just 17 days after payday, they are skint and struggling.

So basically you work for 30 days to be able to afford to live for 17 days.  This may explain the huge rise in people seeking payday loans.

The report is to show that workers are struggling to pay rising household bills, while also being hit with pay freezes and pay cuts.

Many workers rely on overtime to make ends meet, and many companies are stopping workers form working overtime.  If a worker is used to working overtime and has come to rely on that extra money each month to pay the bills, once it is gone, it can financially hurt.

One company I know, which will remain nameless, does not pay anything extra for working overtime.  In the past they had only paid £1 extra an hour, and have now cut that out completely.  Yet, they still ask, and subtly expect, workers to work the overtime so expensive agency staff are not brought it.  

Not much incentive there to work your life away if you ask me.

Anyway, back to the report/research, which showed that one in ten people ‘admitted to things get tight within a week of receiving their monthly salary’.

Not to digress, but I will....in other countries people are paid on a different time scale.  Some companies pay bi-monthly, some on the 15th and 30th, and in some instances weekly.  Being paid once a month is good for employers, easier, but it can be more difficult or the employee to manage their money.

You get paid, go out to celebrate, a bit too much, and struggle then towards the end of the month.

So again, this could be a reason for the rise in payday loans, which are easy to obtain, and  used on a short-term basis, just to carry you until your next payday.