The surge in the price of food, transport and airtime has led to an increasing number of consumers running out of cash mid-month, forcing them to seek financial relief by accessing their wages early, according to a study by fintech company PayCurve.
The cost-of-living crisis is placing a significant strain on employees’ budgets, prompting a surge in mid-month liquidity needs.
According to the report, the main drivers for this trend include escalating expenses in transportation, communication services, groceries and family emergencies. As a result, more consumers are finding themselves running out of cash before the end of the month and turning to early wage access for financial relief.
Read more here: www.businesslive.co.za
Living costs force consumers to access wages before payday
Escalating costs of transport, communication services, groceries and family emergencies are driving this
Image: 123RF/varandah
The surge in the price of food, transport and airtime has led to an increasing number of consumers running out of cash mid-month, forcing them to seek financial relief by accessing their wages early, according to a study by fintech company PayCurve.
The cost-of-living crisis is placing a significant strain on employees’ budgets, prompting a surge in mid-month liquidity needs.
According to the report, the main drivers for this trend include escalating expenses in transportation, communication services, groceries and family emergencies. As a result, more consumers are finding themselves running out of cash before the end of the month and turning to early wage access for financial relief.
Read more here: www.businesslive.co.za
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