Do you know how your staff members are spending their wages? Employees are sometimes guilty of splurging on a payday binge, so we have collated data from the National Statistic Office 2016 to establish exactly where that hard-earned cash is going.
We all know the feeling. That last Friday of the month. We wake up, our bank accounts have been visited by a magical money fairy and are now brimming with financial goodness. With a big stretch, the motivational mutters under our breath have become a bit of a monthly routine: “This is the month I’m going to watch what I spend”; “Look after the pennies and the pounds will look after themselves”; “No more funny business [insert your name here]. It’s time to justify that monthly budget.”
And for those of us who haven’t sacrificed a Friday night to calculate our monthly budget (uh-oh), a study by National Statistic Office for 2016 has broken down exactly where our salary goes. The results may be shocking, so we’ve chipped in too, to show how employers can start helping staff save on every day costs. You can thank us later (we like wine*.)
- Getting from A to B (via Plane, Train and Automobile) – 14%
We all have places to be, people to see. And that’s apparent considering the amount of money that the average UK household spends on travel. £72.70 a week to be exact. Those behind the steering wheel spend on average £30.80 running their cars, compared to £17.20 who take public transport.
We’ve probably all been a Moaning Margaret in the office when it comes to complaining about having to take two buses, or our wage packets being exhausted on petrol. Cycle2Work schemes are the best way to reduce the amount of £10 notes flying out of your exhaust pipe. And as an employer, it’s the ideal way to ensure your employees are keeping fit (and hopefully sick days, due to poor health, become a thing of the past!)
- Feeding ourselves – 11%
Food is essential to human life (duh.) And it seems we are spending our hard-earned bread and butter on, well, a lot more than just bread and butter.
Employees are forking out (excuse the pun, we can’t help ourselves), £246.13 on grocery shopping each month. We hate to be the bearer of bad (and maybe boring) news, but this figure is on the rise due to inflation. Using employee benefits can help save your valued staff up to £118.00 a year on their food shopping by providing access to exclusive and sustainable discounts from some of the best, and most loved, supermarkets.
- Dressing nice – 5%
You’re nearly at the finish line of your online shopping splurge. You’ve been captivated by the “You May Also Like” products that have mysteriously (yet, wonderfully) fallen into your online basket and there’s just the delivery address to add. Then, poof, as if by magic, you’re £101.83 lighter (but its ok, because you’re envisaging those New Season items landing beautifully on your doorstep in a day or two.) That average spend of £101.83 can be potentially reduced by £10 a month, with offers on fantastic retail brands with employee benefits. Who needs new clothes, if you’ve nowhere to go because you’ve splurged your money before the end of the month. Guilty (no regrets).
- Wining & Dining – 8.5%
Friday morning, the office coffees are in full flow.
Janet chirps up at the end of the project meeting and suggests that the office go out for a nice dinner. “It’s the last Friday of the month after all. Come on, Kevin! We’ll all be home by 9pm”. The next day, we wake up with a roaring headache and we’ve spent a little too much on steak and wine. For the first time in 5 years, people of the UK are spending more than ever on dining out, with a rise of £1.80 per week on eating out when compared with the previous year. Lessen the blow with a saving of up to £20 a month on the tasty stuff with an engaging employee benefits platform, full of savings on culinary delights.
- The Fun Stuff (entertainment in other words) – 12.9%
Work hard, play hard. We employees are certainly playing harder than ever – to the tune of £294.66 per month on average. Sun searchers, ski skedaddlers and safari seekers spend £90 of this play money abroad on trips away. Holidays are a vital way of allowing us to de-stress and re-charge our batteries, I’m sure we all agree! Employers can help staff get money off that well deserved break with employee benefits, saving up to 12% on hotels and 10% on flights. Recognition is key – an employee benefits platform can do that & more. Cheers to that!
We are in a world where the best employees are looking, not only for a great salary, but a great company culture. Culture comes naturally, but at Inspired Rewards, we are firm believers that if a company treats their employees right, you’re well on the right track. Employee benefits attract the brightest and best staff whilst retaining the most vital employees.
Offering access to salary sacrifice schemes, discounts on the nation’s most loved brands, as well as holidays and time-limited offers, Inspired Rewards can help you engage, reward, motivate and retain your staff. Call us on 0191 250 4530 or email firstname.lastname@example.org for more details on how we can help.
You’ll stand out in the marketplace.