fastPAYE highlights anxiety fears due to financial stress before payday

Almost 78 per cent of UK workers are living payday to payday in the gaming sector, according to new research by fastPAYE.

Of those surveyed by the flexible wage application for the modern workforce, almost half of the UK workers (46 per cent) said that their financial concerns increased in the week before receiving their monthly wage packet.

Due to these concerns workers turn to high interest credit options to see them through to payday, with more than half of respondents admitting to using a credit card every month. Workers also turn to overdraft usage, with 40 per cent admitting to going into the red as payday approaches.

One fifth of employees which took part in the research admitted to using costly payday loans that have significant financial consequences. 

The survey shows that most of the credit used by people is spent on groceries, shortly followed by bills, leisure activities and house repairs as workers struggle to cover unexpected costs when they arise.

Ian Hogg, chairman of fastPAYE, commented on the findings: “The number of people going through financial anxiety because of the outdated monthly wage system often relied on by the gaming sector is concerning, especially considering that with new technology this stress can be lessened. 

“Whether you’re a casino and betting company or a large retailer, if a staff member has money-related worries it is likely to affect their performance in the workplace.”

fastPAYE, which launched in January this year, is a wage management application which helps businesses to pay staff a proportion of their earned income ahead of payday without the need for the employer to take out credit.

Hogg added that allowing employees access to some of their wages earlier would create a ‘happier’ working environment. He continued: “by giving employees early access to a proportion of their earned wages, businesses can give workers greater control over their finances and in turn help to harness a happier workforce.”