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 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.
Overall, 71% males vs 84% females feel financial strain before payday.
