Bad News For British Workers? (New Research)

Brexit is causing a lot of confusion for people living and working in the UK. There is a lot of uncertainty, and tension over this whole kerfuffle.

But if a recent study on the labour market is anything to go by, the situation might actually be having a more direct, and dire, impact on British workers than just confusion and anxiety.

Here are some of the findings of the study, by the Centre for Labour and Social Studies (CLASS):

  • Over 30% (1 in 3) of workers is struggling with their household bills
  • 20% of workers have taken on second jobs, with another 20% seriously considering it
  • Less than 30% of workers expect an above-inflation wage rise this year
  • 25% of the workers polled believe that Brexit will impact their job badly
  • Around 75% of the workers do not believe the economy is working for them
  • Many workers are now resorting to payday loans

This is a worrying trend, with interest rates of payday loans being around 1000% or more. That means for every £100 you borrow, you will owe £1000!

By the way, if you don’t know much about these troublesome lending terms, check out this article on payday loans by the Money Advice Service.

Now, more than ever, it is important to look after your finances, especially if things get worse as a result of Brexit.

A stitch in time saves nine…

What’s your take on this? What has your experience been so far?

Let us know in the comments what you think and if you have any additional tips.

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