11th April 2019
Comments from Peter Briffett, co-founder and CEO of the early payday app on the gulf between rich and poor widening
“Once again, the rich are getting richer and the poor are getting poorer.
Sadly this growing wealth gulf is becoming less a trend than an immutable law.
The withdrawal of cash benefits is clearly hitting the poorest households very hard.
While the wealthiest fifth of the country are seeing their incomes, and lifestyles, improve, the incomes of the poorest fifth are in reverse.
The gulf between rich and poor is widening and this will be putting even further strain on already stretched household finances, something that's exacerbated by the monthly pay cycle.
Anxiety levels may be improving but the fact that over 10m people, or roughly a fifth of the UK population, remain highly anxious about their finances speaks volumes about the times we live in.
What does stand out is that overall anxiety levels have dropped off despite the escalating uncertainty around Brexit.
It suggests that the average household has now become accustomed to chaos.”