Half of Brits would prefer On-Demand Pay option

Nearly half of UK workers say they would rather access their earnings as and when they need them, instead of relying on monthly pay packets.

According to the survey, the traditional monthly payday is no longer working for many Brits.

Workers want better financial control

With the cost of living crisis still ongoing and many people looking to improve financial control and wellbeing, the majority (66%) of employees said that they would like to access their pay more than once a month to help:

• cover unexpected bills (cited by 43%)
• manage day-to-day expenses (40%)
• reduce reliance on debt, such as credit cards or overdrafts (29%)

When asked how often they would choose to access their earnings:

• 22 % said weekly
• 12% said fortnightly
• 6%) said daily

On-Demand Pay

For employees to access their pay out of the traditional monthly pay cycle, Earned Wage Access, or On-Demand Pay, could be used instead.

This allows workers to withdraw a portion of their already earned wages before a scheduled payday.

This is an option that 66% of employees would choose; however, 27% said they’d only occasionally use it more than once a month, and 33% would prefer sticking to monthly access.

Interestingly, 21% had concerns over On-Demand Pay giving them less control over their finances. Worries included:

• Overspending
• Disrupting their monthly budgeting routines
• Being out of sync with their monthly bill cycles

To find out more about contracting, please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.