London Sees 14% Increase In Applications For High Cost Short Term Credit
The bright lights of London are attractive
to many, but the cost of living in the capital continues to
increase, making it more difficult for many to make ends meet.
According to an ongoing monthly report compiled by award
winningcredit broker Cash Lady,
there was a 14% increase in applications for high cost,
short-term credit between April and May of this year.
Looking at the numbers in more detail, in
May there were 1148 applications sent to Cash Lady, a rise of
14.46% from the 982 requested in April. The main reason listed
for the loans was for an unexpected expense, which could be
anything from repairing a car to fixing a leaky roof. With
more people being forced to find work in the gig economy, it
suggests an increase in the amount of workers living
cheque-to-cheque who may find it hard to cope if an unplanned
bill needs to be paid.
The average monthly income of applicants was
£1727.07, a slight increase of 1.12% from April’s £1707.73.
This is much lower than the average salary in London,
whichcurrently stands at
£35,488, although this is a
largely distorted figure as it incorporates salaries from the
finance sector and other high-paying industries.
Either way, this sits at the lower end of
earners in London, which further cements the suggestion that
many loan applicants are employed in low-paid jobs. When you
look at the top employers of those seeking high-cost,
short-term credit, it is noticeable that Sainsbury’s and Tesco
hold the first two slots, while the NHS are the third.
While these employers do meet minimum wage
requirements, even full-time staff in London will find there
isn’t much left over each month after all their bills have
been paid.
Also worth noting is the second highest
reason for the loan request was to pay bills. This means
covering monthly outgoings such as electric, gas and council
tax charges. While there are no age statistics provided in the
data, the reason could be there are more younger, low-paid
workers looking for payday loans to cover their costs.
According to theInstitute for Fiscal Studies,
as many as 40% of the poorest fifth of households find
themselves in some form of credit arrears, or spend over a
third of their wages serving their debt.
The average loan amount requested by
applicants was £377, which remains unchanged from the previous
month. While this may not seem excessively high, when looking
at the average monthly income of those requesting a loan, it
accounts for 21.82% of their monthly salary. It underlines how
much of an impact an unexpected expense can have on the lives
of low paid workers, and the difficulties they may face in
paying it back.
When you factor in the ever increasing costs
involved in renting a property in capital, it’s easy to see
why more people are turning towards loans. According to a
report earlier this year, which compared the cost of living in
279 cities around the world, London is themost expensive in
Europeand the fourth most
expensive in the world behind Hong Kong, New York and
Tokyo.
Multiple forces are shaping the global economy. Commodity prices have come down, but Russia’s war in Ukraine grinds on, and geopolitical tensions mount. COVID-19 continues to cause widespread outbreaks, but many economies are gradually recovering. Inflation rates are down but remain elevated, raising the cost of living in many countries. High debt levels limit governments’ ability to address climate change and digitalization and push some closer to default.
At these crossroads, 190 member countries will convene at the 2023 World Bank Group – IMF Spring Meetings to find ways to act decisively and act together to build a more resilient world.
Join us from April 10-16, 2023. #IMFmeetings
http://www.bankfundmeetings.org
Published: 31st Mar 2023 11:20:31 By: IMF
IMF Video: Inflation and Disinflation: What Role for Fiscal Policy?
Even as headline inflation eases, the cost of living crisis continues to impact millions of people. And recent financial market pressures have highlighted the risks of our more shock-prone world. At the same time, increasing geoeconomic fragmentation will make global challenges, including climate change and elevated debt levels, more difficult to address jointly. Ahead of the IMF Spring Meetings, Managing Director Kristalina Georgieva will provide the global economic outlook and highlight key priorities for policymakers at this pivotal moment.
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Published: 30th Mar 2023 06:31:15 By: IMF
IMF Video: Building a Resilient Africa | 11th African Fiscal Forum
Since the COVID pandemic erupted, sub-Saharan Africa has been particularly hard hit by “shocks on top of shocks”, and the environment remains very uncertain with little prospect that countries will exit these stressed conditions any time soon. Going forward, adapting to climate change is becoming a more urgent priority as extreme droughts and floods are worsening food insecurity and undermining growth and development prospects. But building resilience takes time, capacity, and money, which sub-Saharan African countries lack.
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Participants to this virtual forum will include African ministers and policymakers, bilateral partners and multilateral institutions, and representatives of civil society. Only the opening roundtable discussion on March 21 will be livestreamed.
The European Commission (EC) and the IMF will host the Eleventh African Fiscal Forum on March 21-22, 2022.
https://bit.ly/3lf9xHk
Published: 21st Mar 2023 01:35:44 By: IMF
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World Economic Forum Video: NASA's Space Based Pollution Monitor & Will Chatbots Take Our Jobs? | WEF | Top Stories of the Week
This week's top stories of the week include:
0:15 NASA launches space based pollution monitor - It’s called TEMPO, which stands for Tropospheric Emissions: Monitoring of Pollution. Built by Ball Aerospace, TEMPO will measure levels of major air pollutants every hour from a geostationary orbit 22,000 miles above the equator. It will monitor a huge region of North America from Canada’s oil sands in northern Alberta to below Mexico City at a resolution of up to 4 square miles.
Air pollution poses a major threat to human and planetary health as 99% of the global population breathes air that exceeds WHO health guidelines. Air pollution carries a total economic cost of more than $8 trillion. Therefore, monitoring it is critical to understanding its impacts.
Though TEMPO is due to launch in April 2023, watch to learn more about how it will monitor air pollution from space.
1:58 8 best countries for working women - The Economist ranked 29 OECD nations according to the role and influence of women in the workplace. Iceland scores well on numerous factors. From low childcare costs to education attainment for women to female representation at senior levels. At the current rate, it will take 132 years to close the global gender gap
How does your country support women at work?
3:23 What is the polycrisis? - Today we are once again beset by seemingly unconnected crises. Such as the war in Ukraine, the climate crisis and the aftermath of COVID-19.
"So economics, politics, geopolitics and then the natural environment blowing back at us – and those 4 things, they don’t reduce to a single common denominator. They don’t reduce to a single factor. And that's why I think the polycrisis term has a real utility descriptively as much as anything else, because it's kind of hand-waving, of course, it's kind of arm waving. It's going, look, there's a lot of stuff happening here all at once. And that precisely is what we're trying to wrap our minds around."
6:54 Are Chatbots going to take our jobs? - "I get this question asked 10 times a week, which is that, look, is conversational AI going to take away jobs? And my consistent answer is no. And the best analogy I will give to you is banks and ATMs. So prior to the technology of ATMs, the most common reason why people would walk into a bank would be to take out money. So imagine there's no ATMs and 90% of the reason why somebody goes inside the bank is to say, I need to take out some cash, I need to take out some money. As a result, you know, you and I don't even remember these days, but banks used to be crowded. There used to be long lines and so on. Here comes the ATM, which automates really what should be a very simple task."
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Published: 25th Mar 2023 01:00:25 By: World Economic Forum
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Published: 22nd Mar 2023 01:00:39 By: World Economic Forum
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Published: 31st Mar 2023 10:57:42 By: Bloomberg Television
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Published: 31st Mar 2023 08:24:06 By: Bloomberg Television
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Published: 31st Mar 2023 08:10:55 By: Bloomberg Television
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Published: 31st Mar 2023 10:31:33 By: Bloomberg Television
Markets Finance Video: Nouriel Roubini Warns of Crashes, High Rate 'Megathreat'
Nouriel Roubini, CEO at Roubini Macro Associates, explains the "megathreat" he sees from higher interest rates, why he expects an economic and financial crash, and US labor market issues. He speaks from Cernobbio, Italy on "Bloomberg Surveillance Early Edition."
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Published: 31st Mar 2023 10:57:42 By: Bloomberg Television
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Published: 31st Mar 2023 07:51:25 By: Bloomberg Television
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