Survey identifies Friday as the favourite pay day

More than half of British employees favour the long-standing convention of putting salaries into accounts on Friday over any other possible day of the week, according to a survey conducted by the Institute of Payroll Professionals (IPP) last month.

The responses suggest that the widespread traditional practices of payroll administration are in no need of change. It also revealed that 85% of employees would rather be paid on a monthly basis, rather than weekly or per fortnight.

The only ambiguous response was seen in regards to which day of the month employees would like to be paid. A small majority, 33%, said they would opt for the last working day but the remaining 77% responses were divided amongst other options such as the beginning of the week or mid-way through the month.

According to Lindsay Melvin, chief executive of the IPP, Friday may be preferred by employees because of the extra spending money it gives them in the free time offered by the weekend. She said it was also understandable that many employees prefer to receive a monthly pay cheque.

"There are many advantages to this," says Melvin. "For instance, being paid monthly can help workers manage their money more responsibly. With bills usually coming out of one's bank account once a month, people can then budget what they have left until the next pay day." Melvin says that a monthly system for payroll administration can help people who "may not have the discipline to ensure that they put aside money for the rest of the month if they get paid weekly or every couple of weeks."