A third (34%) of UK workers would prefer to be paid weekly as nearly one in three people runs out of money by the end of the month, new research1 the online staffing platform for temporary work, has found.
Indeed Flex’s survey of UK workers found that despite high demand for a weekly top-up in wages, only 15% of employees are paid every seven days, with 5% paid fortnightly. More than three quarters (77%) of people receive their salary in one lump sum every month.
Yet nearly one in three workers (31%) regularly runs out of money or dips into their bank overdraft between the 22nd and the 31st of each month, leaving them waiting uncomfortably for the next payday. Only 35% of workers in full-time work always have money left over at the end of the month.
With paychecks becoming stretched amid the cost of living crisis, a quarter of workers (24%) who would prefer a weekly wage say it would help them budget and a fifth (22%) say it would help them feel more in control of their finances.
A quarter (24%) of UK workers are doing some form of temporary work, either as their main form of employment (9%), or alongside a part-time or full-time job (15%).
Novo Constare, CEO and Co-founder of Indeed Flex, said: “While the appearance of a lump sum of money in your bank account at the end of the month is always welcome, for many people the pleasure is short-lived as bills and one-off expenses quickly make it drain away.
“The majority of the UK workforce are paid monthly, yet a third would prefer to get a weekly wage to help them budget and manage their finances better.
“One of the benefits that temps have when working through Indeed Flex is that they are paid every Friday, which is ideal for those who don’t just want to work flexibly, but to be paid flexibly too.
“This is the case even for the many Flexers who work regularly for the same employer, but still benefit from knowing they will be paid exactly what they are owed each week.”