Best easy access savings accounts for 2023
Earn interest on your savings while still being able to withdraw them if you need to with an easy access savings account.
Read more…The pandemic has changed our ways of living, including how we work. After adapting during the lockdowns, many people and companies realised that remote work is a viable option.
While we no longer have the same pandemic restrictions, hybrid working has become normal for many of us. Our research found that 38% of Brits work from home at least some of the time.
We look at who is working from home, how working from home affects productivity and the effect of working from home on spending and saving.
Around 20 million people, or 38% of the UK population, are working from home at least some of the time. At the height of the first lockdown, our research found that 60% of the UK’s adult population was working from home some of or all the time, and 26% planned to continue after lockdown.
Hybrid working has become more popular since the pandemic’s start. The number of people working from home some of the time has grown from 17% to 25%, meaning a quarter of Brits are hybrid workers. Permanently working from home is less popular now, reducing from 43% to 13%.
Date | Sometimes work from home | Always work from home |
---|---|---|
Apr 2020 | 17.40% | 43.10% |
May 2022 | 25% | 13% |
Those earning £40,000 or more a year are the most likely to work from home, with 61% of people in this bracket doing so. High earners tend to work from home more, with the percentage of those working from home increasing with income.
The only exception is those earning between £20,000 to £30,000, who work from home 2% less than those earning between £15,000 and £20,000. Those earning £15,000 or less are the least likely to work from home, with just 14% doing so.
Income Bracket | WFH some or all of the time |
---|---|
Up to £15,000 | 14.00% |
£15,000 up to £20,000 | 36.00% |
£20,000 up to £30,000 | 34.00% |
£30,000 up to £40,000 | 48.00% |
£40,000 or more | 61.00% |
Younger people tend to work from home more than their older counterparts. This is especially true for those aged 30 to 49, with 43% working from home some of or all the time. 39% of 16- to 29-year-olds work from home, compared to 34% of those aged 50 to 69.
Those aged 70 and over are the least likely to work from home, with only 17% doing so.
Age | Percentage that work from home |
---|---|
16-29 years old | 39.00% |
30-49 years old | 43.00% |
50-69 years old | 34.00% |
70+ years old | 17.00% |
Tuesday is the most popular work-from-home day, with 67% of those WFH claiming they worked from home on Tuesdays. However, there is no big difference between each weekday, with people working from home throughout the week.
Being in the office on Monday is most common, perhaps because companies like to start the week off by catching up in person!
Date | Percentage of those working from home that work from home on this day |
---|---|
Monday | 58.00% |
Tuesday | 67.00% |
Wednesday | 64.00% |
Thursday | 63.00% |
Friday | 65.00% |
In 2022, more than three-quarters (78%) of those who had worked from home claimed it improved their work-life balance. Interestingly, 30- to 49-year-olds were most affected, with 83% of this age group stating an improvement in work-life balance. This may be partly due to the flexibility that working from home offers the parents of young children in this age bracket.
The average daily commute time in the UK is 59 minutes. This means people working from home save almost 5 hours a week by omitting their daily commute to the office. As well as being good news for employees, some of this extra time could be spent working – a plus for employers, too.
Region | Minutes of daily commute |
---|---|
North East | 49.2 |
North West | 54.8 |
Yorkshire and the Humber | 52.4 |
East Midlands | 51.8 |
West Midlands | 56 |
East England | 61.4 |
London | 79.2 |
South East | 63.4 |
South West | 49.8 |
Wales | 50.8 |
Scotland | 53.4 |
Northern Ireland | 50.4 |
Employees generally appreciate a company that allows them to work from home, and research has suggested this could also boost productivity for the employer.
While many believe that working from home increases productivity, the most cited disadvantage of working from home is difficulty collaborating, with nearly half (48%) of people stating that it is harder to work with others when working from home. About 1 in 4 (26%) people are more distracted when working from home, and 1 in 5 (19%) experienced reduced wellbeing.
Surprisingly, 1 in 10 (9%) people found reduced work-life balance when working from home. This may be due to a lack of space between professional life and private life that comes with commuting.
Disadvantages | Percentage |
---|---|
Reduced work life balance | 9.00% |
Slower to complete work | 9.00% |
Fewer job opportunities | 5.00% |
More distractions | 26.00% |
Reduced wellbeing | 19.00% |
Harder to work with others | 48.00% |
Harder to think of new ideas | 15.00% |
A survey found that many Brits have to use mobile broadband (mobile data) to stay connected. With many offices having faster and more reliable Internet connections than homes, the difficulty of an unreliable Wi-Fi connection can be a significant downside to working from home.
Back when lockdown was first in place, 60% of the UK’s population was working from home. At the time, 9 in 10 (89%) Brits believed this shift would reduce their expenditure, specifically due to a drastic reduction in commuting and buying lunch every day. In reality, the average employed worker saved £44.78 every week.
Percentage that will save | Average savings | Total savings per week | |
---|---|---|---|
Working | 53.20% | £44.78 | £2,098,155,913 |
Londoners save the most by working from home, with an average of £57.78 per week being pocketed – a possible reflection of the capital’s high commuting costs. The second biggest savers are in Wales, where those working from home are saving £50.16 per week. UK regions where workers report saving the least are Scotland (£35.47), the North East (£35.65) and the South West (£37.47).
Region | Saved per week |
---|---|
Northern Ireland | £41.62 |
South West | £37.47 |
South East | £46.04 |
East of England | £42.23 |
West Midlands | £39.48 |
East Midlands | £43.96 |
Yorshire and the Humber | £43.40 |
North West | £47.10 |
North East | £35.65 |
Wales | £50.16 |
Scotland | £35.47 |
London | £57.78 |
Earn interest on your savings while still being able to withdraw them if you need to with an easy access savings account.
Read more…The average person in the UK has £17,773 in savings but almost a quarter of Brits have no savings at all. Find out more in our latest savings statistics.
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