Just as a reminder of how ludicrously expensive living in London is this Monday morning, capital-dwellers are skipping out on work because they can't afford the commute.
According to research commissioned by award-winning employee benefit provider Hastee Pay, almost 60 per cent of respondents admitted to missing work because of financial issues, compared to the national average of 39 per cent. When looking for work, 63 per cent of Londoners said they'd turn down a job offer because of commuting costs.
To make from payday to payday, 89 per cent of Londoners are turning to credit cards, loans, and dipping into personal savings, which isn't that far off the rest of the country's 82 per cent. Basically being alive is horribly expensive and we'll all be buried beneath mountains of debt until it kills us. Which is bad news for the companies loaning out money to everyone, because good luck getting any of that back.
Even more troubling is that 51 per cent of Londoners are applying for high cost credit, like payday loans, knowing that they'll struggle to make repayments, stating that they have no other choice.
"What we are seeing is that there is a big difference between the way people earn money and the way they spend money," said Hastee Pay CEO, James Herbert. "We now live in a pay on demand basis."
Apparently these money woes are affecting those "earning hundreds of thousands of pounds" as well as people on lower incomes, so we're all drowning in a sea of debt together, which is nice.
Herbert stresses that "cash flow management is enormously important," more so than your income, "and it is not necessarily a matter of how much you earn but how frequently you have access to what you earn."
He believes the solution is to educate people on finances from a younger age, and to have companies get their heads out of their arses about how their employees live, but we don't expect that to happen until hell freezes over, so just cut back on the avocado toast and downsize to an unfurnished closet in the heart of London for about £1,500 a month, and you'll be alright. [Evening Standard]
Feature image credit: Unsplash