10th December 2014
A third of employees would prefer not to receive an early pay check in December as the long wait until January’s wage packet places an extra strain on their finances over Christmas, a survey has found.
In order to ensure their employees’ salaries enter their bank accounts before the festive break, many employers pay their workers early in December. This year, just over one in three people say they will get paid early for the month, excluding any bonuses they receive, the study by thinkmoney, the alternative current account provider revealed.
A third of people who get an early payday in December view it as a negative. Of these, 71% said that is because it makes budgeting for bills a struggle over the longer gap between paydays.
Just under a third said they usually run out of money by the time they reach their January payday.
Women were more likely to regard an early payday as a negative than men, which may be because many take on the burden of Christmas shopping.
Older respondents were more likely to view the early payday in a negative light than their younger counterparts.
Ian Williams, spokesman for thinkmoney, said: “January really can feel like the longest month for many people – especially for those with the best part of six weeks to wait between paydays.
“Even the best budgeters can find making the money stretch a challenge, especially if some of the credit card statements for Christmas shopping start to drop into their inbox or letterbox.”