51% of young women have to borrow to make cash last until payday
The Young Women’s Trust survey found 51% of young women and 45% of young men regularly use credit to stretch their finances until payday. Photograph: Leonardo Patrizi/Getty Images
A survey of 4,000 people aged 18-30 shows that 51% of young women and 45% of young men regularly use credit to stretch their finances until payday
The Young Women’s Trust survey found 51% of young women and 45% of young men regularly use credit to stretch their finances until payday. Photograph: Leonardo Patrizi/Getty Images
More than half of young women have to borrow to make their cash last to the end of the month, highlighting the impact of stagnating wages, insecure work and rising prices on millennials
When asked how young people made their cash last to the end of the month, one in five said they used their overdraft and a similar number borrowed from family. The next most popular form of borrowing by people in the age group was using a credit card.
One in 10 said they had used a payday loan company, although for parents aged under 30, this number increased to one in four.
The Young Women’s Trust, which commissioned the representative sample of young people, said many of those questioned in the survey also worked extra hours or skipped meals to make their cash stretch to the end of the month.
The results follow a series of reports by debt charities showing a rise in the number of people seeking help with personal debts and arrears on household bills.Continue reading→