Early December paydays creating ‘great anxiety’

Three-quarters of UK workers are blaming early paydays in December for their lack of funds at the end of the month, according to new research from the income streaming service, Wagestream.

An online survey revealed 78% of UK adults are still receiving a paycheck just once a month – with as few as 3% having the option to access their salary whenever they choose.

The research, commissioned by Wagestream and conducted by Walnut Unlimited, interviewed a nationally representative sample of 2,000 adults and found 38% of respondents suggesting they had needed to borrow money before the end of the month.

More than a quarter (27%) of those surveyed suggested money worries were their biggest contributor to the ‘January Blues’ each year, only beaten in Wagestream’s survey by the darker mornings and evenings (36%).

Furthermore, 28% of younger UK workers aged between 18 and 24 years revealed they had spent more than half their day worrying about their financial situation – in comparison to just 3% of over-65s who indicated they were in the same position.

Wagestream CEO, Peter Briffett, commented: “In an environment where people expect to have control over their finances, the lack of freedom to access your salary as and when you earn it is creating great anxiety and financial problems for a high proportion of the UK working population.

“This is especially true in January, as a 48-day average gap between pay dates generates major cash flow issues for individuals.”

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