Alarming Increase in Number of Public Sector Workers Using Pay Day Loans

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Public sector laborers are turning into pay day loans to make ends meet after the Brexit crush on the average cost of living.

A survey by Readies.co.uk revealed that 43% of visitors to its site had taken at least five pay day loans in the previous year alone, as they think about the price increase in basic commodities and slow wage development.

Of those in employment looking for loans, 27% work within the public sector such as nursing, instructing and local councils.

The figures additionally highlight the weight on the “just-about-managing,” after authority information this week said the press on wages has strengthened.

Average salary developed by only 2.1% in the year to April, down by around 0.2% on the previous month, as indicated by the Office for National Statistics (ONS).

Pay growth is currently falling behind inflation, which climbed again to 2.9% in May, its highest rate in four years.

The collapse in sterling since last year’s vote to leave the EU has sent import expenses and shop prices soaring, affecting the buying power of consumers.

Of all those looking for a pay day loan, 24% said the money would be utilized towards unexpected bills as they don’t have enough reserve funds, while 18% was looking for extra funds to pay off an existing pay day loan. While 15% needs money to help with their home loan or lease.

The study surveyed 8,000 individuals who went by Readies.co.uk a month ago, looking for short term loans.

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