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Two-thirds of UK's workforce would take a pay cut to improve their work-life balance

 

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NEARLY TWO-THIRDS OF UK’S WORKFORCE WOULD TAKE A PAY CUT TO IMPROVE THEIR WORK-LIFE BALANCE

 

• NEW RESEARCH SHOWS TWO IN THREE EMPLOYEES WOULD SACRIFICE SOME OF THEIR SALARY IN PURSUIT OF HAPPINESS UP 10% ON LAST YEAR

• ALMOST HALF ARE WILLING TO PART WITH £2,000 PA TO BE HAPPY 

• CATASTROPHE LIFE COVER GAP IDENTIFIES WORRYING GENDER GAP WITH NEARLY TWO-THIRDS OF WOMEN HAVING NO LIFE COVER COMPARED WITH JUST OVER HALF OF MEN

 

Achieving a work-life balance may feel hard to accomplish, as many struggle financially to do well at work and have a good quality of life away from the grind of 9-5. With people increasingly looking for more work flexibility and free-time, this begs the question; Does money really buy us happiness? 

 

The LifeSearch Health, Wealth & Happiness Report 2018 indicates six in ten (60%) employees would sacrifice some of their salary if it meant they could buy themselves more free time to do the things that make them happy. After analysing the data, a Catastrophe Life Cover Gap in UK life insurance has been identified where people's specific fears and anxieties do not match the level of life insurance cover they have in place.

 

Almost half of the UK’s full-time workforce (44%) admit to working too much. The number of Britons who believe they have a poor work-life balance is up 10% on last year with six in ten (60%) employees saying that they would sacrifice some of their salary if it meant they could have more free time. 

Furthermore, nearly half (48%) said they were willing to sacrifice 5-10% of their salary. Based on the UK's mean personal income figure of £25,417, it seems that many employees are prepared to part with circa £2000 per year to recalibrate their work-life balance.

WORKING 9-5 OR EVEN BETTER 10-4 / MONDAY TO THURSDAY?

Almost half of millennials (46%) believe they have a poor work-life balance and a quarter of the same age group said work-related stress concerns them. In contrast, just one in seven, (15%) 35-54 year-olds, and less than one in twenty (4%) over-55s, said stress is a concern.

 

The average employee values their free time at £61,829 per year, but women have a significantly higher self-valuation than men - £64,020 versus £59,533. Meanwhile, millennials (18-34) value themselves more than twice as highly as baby boomers (over 55s), £83,701 compared to just £34,651. 

 

Women are more concerned than men about the prospect of personal poor health (33% versus 29%) and the prospect of not being able to save money (17% versus 11%). Yet 60% of women have no life insurance cover at all. For men the number who said they’re not protected is much lower, with just over a half, (51%) saying they have no cover in place. 

The annual report explores what really makes us happy, what keeps us up at night, our spending habits and the value we place on our free time in pursuit of happiness outside of the workplace.  

 

Joining us in the studio to discuss the LifeSearch Health, Wealth & Happiness Report 2018 is Iona Bain, Financial Commentator & Author and Tom Baigrie, CEO, of LifeSearch.

Let's Talk: Would you take a pay cut to improve your work-life balance?

Achieving a work-life balance may feel hard to accomplish, as many struggle financially to do well at work and have a good quality of life away from the grind of 9-5. With people increasingly looking for more work flexibility and free-time, this begs the question; Does money really buy us happiness?

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