Marvin OnumonuNearly half (46%) of UK workers said they would scrap the monthly pay day and prefer to get their wages on demand, research from IRIS Software Group found.
46% of employees wanted access to their pay whenever they needed it, while 29% were neutral.
More than half (52%) said being able to access their pay flexibly would help with the rising cost of living, and 51% said it would give them better control over their finances.
When asked how they would use on-demand pay, 43% said it would help cover unexpected bills, 40% said it would help with day-to-day expenses, and 29% said it would reduce reliance on debt.
Two-thirds (66%) said they would access pay more than once a month if possible, with 22% wanting weekly access, 12% fortnightly and 6% daily.
27% said they would only use it occasionally, and a third (33%) would stick to monthly pay.
48% said they would find an employer offering on-demand pay more attractive, compared to just 7% who disagreed.
Stephanie Coward, managing director for hcm at IRIS Software Group, said: “For over a century, many Brits have lived by the rhythm of the monthly payday.
“It’s so ingrained that few of us ever question it. But technology is revolutionising every aspect of how we manage money – from instant payments to real-time banking.
“The workplace is the final frontier. This isn’t just about paying people differently; it’s about using technology to give workers the financial flexibility that matches the reality of modern life.
“We’re finally catching payroll up to the 21st century.”
IRIS has launched an on-demand pay feature, partnering with Level Financial Technology to offer the option to businesses using its payroll and HR software.
A minority (21%) said on-demand pay could make them feel less in control, worried about overspending, disrupting budgets or being out of sync with monthly bills.
Nearly a quarter said they would be against their employer offering the option.
IRIS and Level said their solution includes safeguards and compliance with the Chartered Institute of Payroll Professionals’ code of practice.
The research also found most people said it was down to individuals to manage their own money, but 23% felt employers had some responsibility, and 13% said it should be shared.
Coward added: “When your solutions are responsible for processing payroll for 1 in 6 UK workers, you have both the insight and the obligation to innovate.
“This capability is ready, it’s proven, and it’s what employees are demanding.
“We’re making it accessible to UK businesses of every size – because whether you’re an SME competing for talent or an enterprise managing thousands of employees, the ability to offer flexible pay access is becoming essential.”
