Huge Spike in UK Managers Applying for Short Term Loans, According to MoneyGap

LONDON, Aug. 8, 2019 /PRNewswire/ -- MoneyGap Ltd, a leading UK based credit broker has recently announced its latest findings from its consumer data.

Over 1.3m consumer credit applications were analysed to discover the trends on short term loan applications by industry, since 2015.

There has been a surprising increase in short term loans applications from the private sector – particularly professionals in managerial positions, who are still unable to make ends meet. Mid-level managers are 18.87% more likely to apply for emergency finance whilst senior level managers are even more likely to do so with a 19.35% increase.

Applicants from the military are down 20% since 2015 and supermarket staff are also down with a 14.50% decrease during the same period.

Labour and factory worker applications are down significantly from 2015 – 25.40 and 20.71% respectively.

UK supermarkets & retail have been working hard to ensure their staff are paid a 'real living wage' with almost all supermarkets increasing staff wages in the last 12 months.

Whilst top 6 supermarkets remain one of the biggest employers in the UK, the construction industry overtook this sector in 2018 to become the 2^nd biggest employment sector of staff that need short term finance.

In volume terms, this sector has only seen a 6.47% increase since 2015, but the total volume of applications makes up just over 13% of total applications in 2018.

Perhaps most surprising of all is a 13.64% increase in application volumes from the banking and insurance sector.

Chris Hackett, Managing Director of MoneyGap said: "By publishing this data we are able to continue our focus on highlighting problematic areas in the British economy.

"The data contained within our records these last 4 years show how certain industries have been impacted by economic decisions, which have left many thousands of employees unable to survive until payday.

"Many employers are still neglecting their responsibilities to staff and refuse to pay them an appropriate living wage.

"We didn't expect to see such huge rises for people in management positions, as people in these roles will tend to earn higher levels of income.

"The huge drop in applications from labour and factory workers may be due to the huge decline in UK manufacturing exports – particularly in the last couple of years in the run up to Brexit."

Journalists and commentators can request detailed breakdowns of specific towns or other UK cities by contacting [email protected] directly.

For more information please visit: https://www.cashlady.com/media/employment-industry-analysis.aspx

www.cashlady.com is a trading style of MoneyGap Limited. Authorised and regulated by the Financial Conduct Authority, MoneyGap Limited is a credit broker, not a lender, helping UK customers find short-term finance solutions by working closely with some of the best-known lenders in the industry.

SOURCE MoneyGap