Did you know that more than half of the population of women in the UK needs to borrow cash that would help them to survive until their next paycheck? The reasons for such demand are due because of the low income and even the ever increasing demands of the millennial.
According to the latest survey, people under 18 -30 years of age significantly show that 51% of women use their credit in a regular basis to help them with their finances while 45% of men under the same period also apply such solution. The report even showed that almost quarter of young people in the UK are already in debt.
When often asked how they were able to survive until their payday, they usually reply that they used their overdraft while some borrowed cash from their loved ones. The next most popular way they typically do is to make use of their credit cards. They have also made used of the payday loans to help them resolve their cash needs.
According to The Young Women’s Trust, most of those women who happened to have cash issues usually skipped meals and even worked extra hours just to make ends meet. These allow them to have extra cash on hand until they receive their next paycheck. There have been a series of reports showing the ever-increasing rate of people seeking for personal cash assistance that would help them pay their bills on time.
The steep increase of people needing cash assistance is quite alarming, according to the debt charity StepChange. Not to mention those that have low-income families who only rely on credit to buy their essential needs. The Good thing is the Young Women’s Trust is now providing help to women under the age of 16-30 who were trapped by no or low pay life.
“Young people tell us they want to work hard and be financially independent but as prices rise and wages remain low, more and more are struggling.” Chief charity, Carole Easton said. She even added that the rate of women who were in debt increased rapidly because most of them were single moms. She even warned younger women that the Bank of England would likely raise their interest rates shortly. “The worry is many young people will be pushed further into debt,” Easton said. Almost 25% of young women believed that the level of their debts increased by nearly 61% over time. These women said that they would be in a deeper level of debt by the time they have reached the age of 40. These young women should have proper attention such as increase in salary, more available jobs which they could earn more. It would not only provide them with the help they need to sustain their everyday lives, but it could also help the economy.