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Desperate for payday? You're not alone

By Hannah Thomas on Wednesday 8 February 2012

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Woman worrying about bills, financial crisis, first time home buyers, problems for first time home buyers, money stress REX

Do you find you're struggling for cash a few weeks after payday? A report from Halifax claims that most British workers feel strapped for cash just a fortnight after they've been paid.

The report emphasises the difficulties facing cash-strapped workers hit by the pay freeze and struggling to afford sky-rocketing household bills.

More worryingly, one in ten people admit to fretting about their finances just a week after they receive their monthy salary.

The report, based on interviews from 2,000 adults, reveals that the financial squeeze is breeding a generation of obsessive bank balance checkers, with one in five checking their accounts once a day.

'We have now experienced the longest period over which real wages have failed to rise since the 1920s,' says Sir Mervyn King, governor of the Bank of England.

Around 1.5million families face a further squeeze with child benefit cuts forcing growing numbers of people to take out dangerous pay day loans with interest rates of up to 4,000 per cent.

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