New studies have shown that the amount of nurses applying for payday loans has shot up in recent years. After Theresa May’s well publicized press conference where she refused to discuss why many nurses were having to make ends meet by going to food banks so that they could feed their families, the spotlight has truly been on the NHS nursing community and how they are coping financially.
The possibility of a nurses’ strike is imminent – nurses have seen a pay freeze in action for the past few years since 2011, and many of them are finding that they are unable to cope with the rising costs of inflation and are resorting to a whole host of different measures to make ends meet.
New research has shown that on average, 17 nurses a day are applying for payday loans and in the past 6 months alone, over 3000 nurses have taken out a payday loan in order to keep up with their bills, tackle the rising cost of living and make ends meet. This has come as a huge surprise to many of the authorities, and there is strong talk that nurses across the country will soon be striking as a way of making their voices heard.
What is a Payday Loan?
A payday loan is an instant loan process. Even those with bad credit can apply, making them one of the first choices around for people who are struggling to make minimum payments on credit cards on time, for people who need to pay bills and for people who are faced with an unexpected emergency that they need quick access to funds for.
Who Can Get Payday Loans?
Everybody, no matter how bad their credit rating, will be considered for a payday loan. This makes payday loans one of the first choices of nurses and others who are struggling financially.
The rate of inflation has risen at such a rate that for nurses who have had their pay frozen for the last 6 years are unable to cope with meeting the financial demands of everyday life. Surveys and studies performed showed that nurses were accessing hardship funds provided by universities and study institutions, using food banks and taking out payday loans just to cope financially. But how long can this carry on?
There are huge fears that nurses will soon have a nationwide strike because of their pay freeze. More and more nurses are taking out payday loans, and in the last 6 months this number has increased hugely. A nurses strike will cost the NHS and the country a huge amount of money, and there are fears that the health service will not be able to cope with the demands on it if this nurses strike goes ahead. There are also many vacant nurse positions now available – hospitals are struggling to recruit new nurses as the pay conditions are no longer viable for them to earn an income from.
With all these startling new figures being released, there is no doubt that the health service is in crisis, and the government seems to be doing nothing to combat this. Until the pay freeze is taken away and nurses are able to earn wages that rise in line with inflation the possibility of a strike is very real, and the amount of nurses taking out payday loans, applying for hardship funds and using food banks just to help them maintain financial security is going to rise more and more each month. With 17 nurses per day currently taking out payday loans and no end in sight to the pay freeze, there’s no telling when a strike may happen.