Lucky few actually feel better off during lockdown

HR News reports “A lucky few are escaping the financial ill effects of the pandemic for now, with half of Brits who are still able to work reporting less financial stress than usual, research by income streaming provider Wagestream reveals.”

“Wagestream analysed the amount of pay 70,466 workers have been drawing down early using its income streaming service. In total, 52.5% of those still working are accessing less pay than usual prior to payday. This has been blamed on lockdown, which has restricted leisure spending including visits to bars and restaurants, as well as holidays.

The lockdown has also led to noticeable changes in consumer spending patterns. Among those drawing down their wages early, the amount spent on groceries has risen from 14% pre-pandemic to a lockdown average of 27%. This suggests that while Britons can’t go out and have a good time at bars and restaurants, they are indulging more at home.

For some, though, the pandemic has delivered acute financial stress, with 2.4% of those still working increasing the amount they are drawing down each month by 200% or more.” Read all