28 Apr 2023
Research carried out by payment solution provider Caxton has suggested that 47% of UK workers have had a late or incorrect wage paid into their bank account on pay day.
33% of workers polled said that a late or incorrect wage would affect their ability to pay bills, and 32% stated that they wouldn't be able to pay their mortgage on time.
35% said that they feel more stressed and anxious as a result of being paid late or incorrectly, and 30% believe it would take a toll on their mental health. 23% said they wouldn't be able to afford food for themselves if they were paid incorrectly or late.
Rupert Lee-Browne, CEO of Caxton, said: 'These results demonstrate that for many employees across the country pay day is an outdated process for so many businesses. This is causing huge stress and anxiety to their most important assets, people.
'Whilst many other departments within business have seen huge digital and technology transformation, more recently heavily driven by the pandemic, the payroll function has often been left behind.'