Working from home is saving some people £7,000 a year – but mainly the middle-class 🔎 Analysis by CallumCMason
This is likely to exacerbate the financial divide between those who earn good salaries, and those who are less well off, with experts saying that the option to work from home can be as valuable as an 8 per cent pay rise, or a pension. The savings are not just transport, they are housing, child care and food.
Add to this the savings made on childcare – earlier pick-ups could save families more than £2,000 per year assuming childminder fees of £10 an hour per child and a parent works three days a week. There can be food savings too, as a daily supermarket meal deal could be £70 per month as opposed to £25 per month for making sandwiches at home. All in all, the cost of not being able to work from home could easily breach £7,000 per year.
And he adds that given that working from home is generally considered by employees to be worth 8 per cent of a salary – the same as the minimum staff and employers put aside as part of auto-enrolment in a pension scheme, or around £2,600 based on the median UK salary of £33,000 – this creates a growing wealth gap between wealthier and lower paid staff.
Professions where you can’t wfh – teaching and nurses – are suffering from a lack of retention, with the Department for Education missing recruitment targets for teachers by nearly a third last year according to its own figures.
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