Almost one third of British workers live paycheck to paycheck, survey finds
31% of British workers say they always or usually live paycheck to paycheck to make ends meet, according to a new survey from CareerBuilder.co.uk.
An additional 30% are forced to live paycheck to paycheck sometimes, while only one fifth (21%) of workers never find themselves in this situation.
When broken down by gender, women are more likely than men to report living paycheck to paycheck than men, with 36% of women compared to just 25 per cent of men living like this.
While 44% of employees attempt to stick to a monthly budget, 12% report they have missed payments on utility bills and 3% have missed payments on mortgages or their rent.
Savings and Responsibility
Over a quarter of employees do not set aside anything for savings each month. Despite this, a quarter (26%) manage to save more than £250, and 7 per cent save more than £1,000 per month.
The majority of workers (69 per cent) feel they are more financially responsible since the recession. More male workers than female workers feel this way (71% versus 68%).
“Though the majority of workers feel more responsible since the recession, many are still struggling to make ends meet. If workers are worried about their finances, it can lead to increased stress and anxiety.” said Scott Helmes, managing director of CareerBuilder UK.
“Because these financial worries can also begin to affect morale and productivity, employers may want to consider offering financial planning resources – such as complimentary webinars, classes or coaching sessions – to help employees ease their financial burdens.”
Making Ends Meet
The vast majority of workers have taken some sort of action to make ends meet financially. Nearly half have cut back on leisure activities (48 percent) or used coupons/discounts when shopping (46 per cent) to help balance budgets in the last year. Other attempts to cut costs include:
• Stopped eating out: 45%
• Reduced driving to save on petrol: 21%
• Cancelled paid for TV package and other subscriptions: 24%
• Took on a second job: 16%
• Used public transportation: 15%
• Found a roommate/rented out a room: 6%
• Moved back home with parents: 9%
Most Valued Expenses
For all the areas in which workers have cut back in order to save money, there remain several expenses some workers refuse to give up regardless of financial concerns:
• Internet connection: 57%
• Smart phone or other mobile device: 43%
• Driving: 34%
• Travelling: 17%
• Paid for TV packages: 16%
• New clothes: 11%
• Going out to eat: 11%
• Coffee from coffee shops: 9%
The national survey was conducted online by Redshift Research on behalf of CareerBuilder.co.uk among more than 1006 workers across industries and company sizes.