LONDON, November 18 /PRNewswire/ --
-More Than One-Third of Workers Save Nothing Each Month-
As the country faces an economic slowdown amidst global market uncertainty, workers are stretching their paycheques more than ever. Four-in-ten workers (41 per cent) say they always or usually live paycheque to paycheque just to make ends meet, according to a new survey of more than 650 workers by CareerBuilder.co.uk.
The struggle from pay period to pay period makes planning for the future difficult. More than one-third (34 per cent) of workers say they don't put any money aside for savings each month. Of those who do save, 55 per cent of workers set aside 125 pounds or less a month for savings, and 32 per cent save 50 pounds or less. Additionally, nearly half (46 per cent) of workers say they do not participate in any programs such as 401k, IRAs or retirement plans.
Forty-eight per cent of workers say they would need up to an additional 500 pounds per paycheque to live comfortably. Twelve per cent say they have to work more than one job to keep up with monthly expenses.
Comparing genders, more female workers (48 per cent) say they always or usually have to live paycheque to paycheque, compared to males (37 per cent). More men (70 per cent) than women (62 per cent) say they save some portion of their paycheque each month, while 75 per cent of women claim to have a set budget, compared to 63 per cent of men.
More than two-thirds of workers say they have a set budget each pay period, although 23 per cent admit to typically going over it, said Tony Roy, Managing Director of CareerBuilder.co.uk. Even though it can be difficult to set money aside, especially in a challenging economy, workers who stick to a budget and live within their means have a better chance of growing their savings account and are better positioned to lighten their financial burdens.
Roy offers the following tips for putting extra pounds in your pocket:
Consider meeting with a financial planner -- having a certified, outside pair of eyes looking at your financial situation may unlock additional areas for savings.
Take advantage of all the benefits offered to you -- more companies are offering flexible spending accounts, wellness benefits, company discounts, etc. Talk to your HR department and see what is available to help save money on your monthly expenses.
Cut back on the extras -- sometimes it's the little things that add up the most. Many workers reported that the costs of extraneous activities, such as shopping, going out for drinks and entertainment, and electronics depleted their bank accounts. Set a budget for these activities so you can limit unnecessary spending.
Reevaluate your commute -- workers say one of the biggest money drains on them each month is their car. With gas prices as high as they are and the exorbitant cost of parking your car in the city, it may be time to look into alternative modes of transportation.
This survey was conducted online within the U.K. by Harris Interactive on behalf of CareerBuilder.co.uk among 656 U.K. employees (employed full-time; not self-employed) ages 18 and over between June 2 and June 13, 2008, respectively (percentages for some questions are based on a subset of UK Employers or Employees, based on their responses to certain questions). With a pure probability sample of 656 one could say with a 95 per cent probability that the overall results have a sampling error of +/- 3.83 percentage points, respectively.
CareerBuilder UK is one of the most visited online job sites in the United Kingdom. Owned by Gannett Co., Inc. (NYSE: GCI), Tribune Company, The McClatchy Company (NYSE: MNI) and Microsoft Corp. (NASDAQ: MSFT), CareerBuilder.co.uk powers the career centres for more than 160 individual UK sites that reach national, local, industry and niche audiences. Job seekers visit CareerBuilder.co.uk every month to search for opportunities by industry, location, company and job type, sign up for automatic e-mail job alerts, and get advice on job hunting and career management. For more information about CareerBuilder products and services, visit http://www.careerbuilder.co.uk.
Media Contact: Allison Nawoj +1-773-527-2437 firstname.lastname@example.org
Allison Nawoj of CareerBuilder.co.uk, +1-773-527-2437, email@example.com