Londoners 'skipping work because they cannot afford the commute' — Evening

The study was commissioned by Hastee Pay, an app that allows workers to get their money early. I’m not sure how unbiased the results might be.

But other than potential bias, I strongly believe that a service like this doesn’t solve the cash flow issues. If anything, it will create a much, much larger problem further down the line. Halfway through the month I’m short on cash? I’ll just get some money, leaving me with only half to live on the next month, so I’ll have to take more money and so on. In the end I’ll have no salary to live on and will just have to get an even bigger loan…

Effective money management and money management tools like Monzo or Emma are needed, not early pay

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That sounds more like a payday loan. I think these new advance payment apps just advance your next payday, but then you’re in a cycle of using it so your payday is just now say 2 weeks earlier than your actual day. It solves the problem you have now, but it doesnt resolve it going forward but you’re in the same position. Better than a payday loan (imo) because then you’re not stuck paying back the debts of it.

Sounds like a bad company were you pay a subscription to get your salary early.
Albeit it can’t figure out whether that subscription is to the person or the company.

That just sounds like the situation will snowball and create worse situation as you’re just moving the problem away.
Personally I think people need to evaluate whats important(the role that social media plays in respect to money, I would argue is incredibly harmful)(People constantly posting photos of holidays etc).
There is the discussion that wages to do need to increase.(They’ve be stagnate for 100s of years).But also value for money for transport in the UK in general is insane(100 to london without a rail card from Newcastle)
But then also how many jobs do you actually need to be in the office for? I think companies should move to a remote job focus in order to save on some things such as commuting cost for people.

I mean if I take half of my July pay in advance to tide me over till August I’m left with half a month’s pay to live off in all of August. If I couldn’t make ends meet with a full month’s pay in July, I won’t be able to in August, so I’ll have to take a bigger advance in August and it will just snowball until I take all my money as I earn it and will need a loan anyway

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I think this is an extreme way to look at it.

I just see it as now your payday is two weeks ahead of when it normally is every month. You could take the full amount.

You can only take what you’ve earned so far. So you could run out of money pretty quickly

The only way I could see this work is as a very occasional thing, say a larger expense comes in one month

Probably not how it would end up generally

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Which means you’ve effectively taken out a loan equal to the value of half a month’s pay cheque. That’s quite a big deal, especially if someone’s done it without properly thinking about.

It seems like they’ve just made getting into debt even easier.

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This is an interesting article considering I’ve found transport in London to be cheaper than the rest of the country

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A new nationwide survey showed at least 60 per cent of people living in London had failed to go to work because of money problems. That compared to a national average of 39 per cent

Am I the only one who doesn’t believe any of this?

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I’m confused, isn’t this what an overdraft is for?

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Happy cake day!