CareerBuilder.co.uk Survey Reveals Workers Usually Live Paycheque to Paycheque to Make Ends Meet
CareerBuilder.co.uk Survey Reveals More Than Half of Workers Usually or Always Live Paycheque to Paycheque to Make Ends Meet
More Than Half of Workers Say They Usually or Always Live Paycheque to Paycheque to Make Ends Meet, Finds CareerBuilder.co.uk Survey
-Thirty-one per cent weren’t able to make their financial responsibilities every month last year-
Counting down the days until payday? You’re not alone. As the economic downturn trudges on, many workers are struggling with household budgets. More than half (51 per cent) of workers report living paycheck to paycheck usually or always just to make ends meet, this is according to CareerBuilder.co.uk’s survey of 100 workers across the UK conducted by Consumer Analysis Limited during January 2012. An additional, 25 per cent say they sometimes live paycheque to paycheque.
While eight in ten (80 per cent) workers claim to be more financially responsible since the recession began, making ends meet has come as a result of changes they have had to make in their everyday lives. When asked what tactics they used to make ends meet, workers said:
• Use coupons/vouchers/shopped at discount stores – 74 per cent
• Cut back on leisure activities – 63 per cent
• Drove less to save on petrol – 34 per cent
• Cancelled cable and other subscriptions – 18 per cent
• Used public transport – 17 per cent
“Workers are employing a variety of tactics to help make ends meet in this economy,” said Tony Roy, president of CareerBuilder EMEA. “Whether it’s by keeping a tighter budget, finding ways to bring in additional income or adjusting their savings strategies, workers are doing their best to weather the current storm. These good financial habits will not only help workers in the short-term, but better position them for the future.”
The recession may not only be causing short-term problems for workers, but long-term, as well, as some workers are not focusing on their financial future. Thirty-three per cent of workers say they are not saving any money each month, while 22 per cent save less than £50 and 33 per cent less than £100.
Roy offers the following tips for riding out the economic downturn and preparing for the future:
Keep track of spending – Create a spreadsheet to analyse what you spend each month, including the money spent on those inevitable invisible expenses, such as a morning coffee, cab ride or afternoon snack. Once you can see where your money goes, you can clearly see where you can cut back.
Boost your income – Consider taking on a second job. Ask yourself if this is something you can handle on top of your current job and then pursue some viable options.
Speak up – Talk to your HR department and see what is available to help you save on your monthly expenses. Even though times are tough, companies are still offering flexible spending accounts, wellness benefits, retail discounts, transit reimbursement and more.
There were 100 people aged 18-70 from the UK involved in our survey. In lengthy online interviews they were asked questions about their current job situation and their experiences in the workplace.
People were interviewed online using the latest polling techniques and the highest quality of panel in order to gain the most reliable results and to probe people’s opinions. Random sampling methods were used and checks were put in place to ensure the closest possible representation of national opinion, given the interviewee qualification criteria.
Timing checks were used in order to eliminate respondents who didn’t spend a reasonable time considering their answers and inconsistent or invalid responses were highlighted and deleted. Those responsible were also removed from the survey panel. The fieldwork was carried out during January 2012. Figures may not add up to 100 due to rounding up.