Out of nearly 2,000 respondents in a new survey conducted by loan company Provident, 19 percent admitted that they struggle financially within two weeks of getting paid and 40 percent don’t save any money on a monthly basis. With more jobs paying employees the National Minimum Wage, 35 percent of respondents said that they haven’t had a pay rise in two years or longer, despite the improving economic conditions.
The survey highlighted that next year’s increase in the National Minimum Wage is welcomed by many Brits, especially the 40 percent who have to resort to other forms of financial support to get them to pay day.
Only 28 percent of people surveyed by Provident from London said that they don’t struggle with their finances on a monthly basis. This is slightly surprising since Londoners, on average, get paid the most, with salaries reaching to £28,177 per year, however Londoners have to contend with some of the highest rents in the country.
However, a chink of light in these debt ridden days, it seems that the younger generation are a lot more money conscious than their broke forebears with nearly 4 percent of 18-24 year olds saving more money on a monthly basis than those in their late 20s and early 30s.
The majority of people surveyed contribute to a pension, which might be a result of the Workplace Pension Scheme initiative, however over 40 percent of people said that they still don’t contribute to a pension.