Your employees are stressed, this is why

According to research conducted by FastPAYE, 46% of Britons suffer money-related stress in the week leading up to payday. Whilst those living in London were most affected, with 57% reporting they feel undue pressure during this time, 78% of employees in the UK are living payday to payday and cannot cover unexpected costs when they arise.

With ‘Blue Monday’, the third Monday of every January – widely regarded to be the most ‘depressing’ day of the year – stress levels are likely to be more keenly felt than usual this year, exacerbated by a 42-day gap between the pre-Christmas and January 2020 pay dates.

And money stress is having a vast effect on the workplace; a startling one in five of respondents also admitted they would consider a new job in the same role if it gave them access to their already earned wages before payday.

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In terms of how workers are financing their lives ahead of payday, one in five reported that they turn to payday loans at some point in the year, whilst 43% delve into overdrafts to cover costs in the final week before monthly wages drop. However, the most common use of credit in the week before payday is credit cards, with 55% admitting to swiping the interest-accruing plastic before the end of the month.