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Workers 'counting down' to pay day
Monday August 26th 2013
Almost a fifth of workers struggle to cover the cost of daily spending in the week before pay day, according to research.
The Post Office's Current Account Footprint Report shows that five million, or 17%, of employees are living on a financial tight rope just three weeks after wages on into their bank accounts - and this is happening on a monthly basis in some cases.
Many are forced to rely on credit cards, overdrafts and savings in order to get by, with Londoners (39%) the most comfortable about depending on other sources of credit at the end of the month. On the other hand, those in the West Midlands (25%) and East Midlands (21%) are the least comfortable.
It appears that such reliance is having a detrimental impact on the health of workers, with 25% admitting their financial status in the lead up to pay day causes them serious problems. Of these, 27% are stressed by their lack of money while 25% have sleepless nights worrying about how they are going to cover the daily cost of living.
"It is a concern that we are becoming 'pay day' Britain, just counting down to the next pay cheque," said John Willcock, head of financial services at the Post Office. "It is important to check your bank account balance frequently to help you keep in control of your finances."
Copyright Press Association 2013
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