Part-time Workers ‘Feeling the Financial Squeeze’

April 14, 2016

People who work part-time across the UK are increasingly finding it difficult to cope with managing their finances and their personal or household debts.

That’s according to the debt help charity organisation StepChange, which recently reported that a growing proportion of people contacting its experts work part-time rather than full-time.

Notably, of the part-time workers who contacted the charity in search of support during 2015, a third said they had debts relating to household essentials including council taxes or either rent or mortgage arrears.

StepChange recently published statistics relating to its work throughout last year and highlighted the fact that the proportion of people in full time employment who used its services dropped from 34 per cent to 30 per cent between 2011 and 2015.

Meanwhile, over that same time period, the proportion of people seeking debt help who work part time has increased from 16 per cent to 19 per cent.

The charity has suggested that more and more people in part-time employment are finding it particularly tough to cope with financial shocks or changes to their circumstances that leave them less able to service their debts or pay their bills.

Worryingly, as many as 42 per cent of people who are employed part-time said they’ve experienced some form of financial shock within 12 months of being quizzed by StepChange. This compared to 29 per cent of people employed on a full-time basis.

Extrapolating on the basis of its own figures, the debt help charity estimates that somewhere close to 6.5 million UK consumers will have used credit in an effort to overcome an income shock at some point, which for many people will lead eventually to severe debt problems.

“The pressure of trying to manage a budget that is stretched to the limit can be difficult at the best of times, but for those with insecure work, volatile incomes and little or no savings, it can be overwhelming,” commented Mike O’Connor, chief executive of StepChange.

“These are already facts of life for millions of people and their numbers continue to increase,” he added.

If you live anywhere in Scotland and you’re finding it difficult or impossible to cope with pressure on your personal finances then Scotland Debt Solutions can help. Contact us directly to arrange a free consultation.