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44% of workers experience financial strain resulting in stress and pressure at home - survey
Financial strain is impacting workers in Ireland, prompting them to borrow money, enter an overdraft, or access payday loans, a new survey has revealed.Research commissioned by Wagestream, Ireland's first income streaming app that allows employees to access a percentage of their own earned wages before payday, revealed that more than three-quarters (78%) of workers claim that they feel financial strain before their pay cheques arrive.Almost two in five workers (39%) report they need to borrow money before the end of the month with some degree of frequency.
Almost one in five (18%) workers claim that they have used or thought about using a payday loan company to bridge a financial gap with 6% claiming to have actually used a payday loan company in the past. Almost half (48%) of workers claim that financial strain has resulted in them having to cancel activities with family and/or friends while more than two in five (44%) workers claim that financial strain has resulted in stress and pressure at home. Younger workers aged 18-24 (26%) are significantly more likely to have used a payday loan company to bridge a financial gap. This figure was more than 20 points higher than all of the other age groups. Figures showed that women are more affected by financial strain at home and often have to cancel activities where men's financial strain impacts performance and attendance at work.
Overall, 71% males vs 84% females feel financial strain before payday. The survey asked where people access additional money to tide them over and just over half (55%) approached family and friends, while a third (33%) claim that they borrow money through their credit card. 17% claimed that they use
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