- Nick Elvin
Thirty-one per cent 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 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% 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.
Over a quarter of employees do not set aside anything for savings each month. Despite this, 26% manage to save more than £250, and 7% save more than £1,000 per month. The majority of workers (69%) feel they are more financially responsible since the recession (71% of men versus 68% of women).
“Though the majority of workers feel more responsible since the recession, many are still struggling to make ends meet,” said Scott Helmes, managing director of CareerBuilder UK. “If workers are worried about their finances, it can lead to increased stress and anxiety.”
“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.”
The survey also indicates that the vast majority of workers have taken some sort of action to make ends meet financially. 16% have taken on a second job, while nearly half have cut back on leisure activities (48%) or used coupons/discounts when shopping (46%) to help balance budgets in the last year. 45% have stopped eating out, 6% have found a roommate or rented out a room, and 9% have moved back home with parents.