Recently it was revealed by a Halifax Bank and Building Soceity report that the average British worker spends most of the month worrying that their pay cheque does not stretch to meet all the payments for the month. In the past a high percentage of workers would have some rainy day funds to fall back on, but now it is the reverse, in fact a high proportion are deep in debt. It was revealed that ten percent of the workers surveyed admited that they felt the pressure building from unpaid bills within seven days of being paid. The larger proportion of those polled were financially in better shape but were worried as money became tight after just seventeen days.
The report went on to say how many times adults checked their bank accounts, Personally I dont feel that the fact people chack their bank accounts is much out of the ordinary considering the level of stress caused by knowing you simply don’t have enough money to spread around all your creditors. Why do these institutions keep on releasing reports about data that is already common knowledge surely there are better ways of helping their customers rather than telling them what they already know.
What was more revealing was the spreech given by Mervin King, he admitted that the UK workforce had endured the longest period without a significant wage rise since the 1920′s, going on to say that State workers who earn £21,000 or more won’t be getting a pay rise for at least 2 years and that average pay rises in the private sector are below the current rate of inflation.
I find this paricularly worrying as it is pushing people to the brink of financial ruin, and in to the grips of payday loan companies and even worse the illegal loan sharks, once you are this far up the debt ladder going bankrupt becomes a reality.
About Den NicholsonDen Nicholson is the senior editor here at Beating Bankruptcy, Since Den Retired from his UK business in the UK he has been blogging about ways of beating debt and in the most extreme cases beating bankruptcy. As well as detailed articles you can catch all the latest news from the UK with a focus on debt issues.
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