A Queenslander with a six-figure salary has revealed why he needs to use services to access his salary before payday.
A father of four and a six-figure salary, an Australian father found himself a living wage-for-cost-of-living salary.
Stephen T Bohe, who works as a boiler maker at the Mount Isa mines in Queensland, is one of the growing numbers of Australians using the services to access their salaries before payday.
Mr. T. Poh cares for his father-in-law and sometimes needs to take a long trip to Brisbane or Cairns for medical appointments – a trip made too expensive by the high cost of petrol.
“Driving anywhere is very expensive…in financial terms, it’s almost like flying,” he told news.com.au about living in the remote city.
“This is only for one person. I have four boys and a partner, so there are six of us traveling.
“For us to fly from Mount Isa, for six people, we wake up from $3,000 to $3,500.
“Driving on less than $1,000 in fuel is more cost-effective than flying, although they are incredibly treasured.”
Te Bohey said rising inflation, which had hit household costs, had taken its toll, as it had for many Australians.
“Everything else is going up but my average salary is not,” he said.
Paytime, a payroll platform so employees can access a portion of their paycheck before payday, has seen a 600 percent increase in interest since the start of the year.
Company CEO Stephen Furman said the most popular industries for employees seeking wages include mining, retail, hospitality and manufacturing.
“Many high-income earners still live monthly — if they have an unexpected emergency that month, they may not have the money to pay for it,” Forman said.
He said people using the service believe they shouldn’t wait for a specific payday to get their hands on the money they’ve already worked and earned.
“People find that being able to access their paychecks when they want to help them improve the budget,” he said.
“As the cost of living increases, there is a need for people to access money more regularly — without going into debt.”