- Weekly expenditure is more than half for people when working from home. That’s as average costs are around £81, compared to £171 spent when working in an office.
- More than 9 in 10 (92%) say they work from their job’s dedicated office space at least once a week. But only 1 in 3 (33%) have a choice which days they go in.
- Office days may be more expensive, but research shows how hybrid working is important for many. Two in 5 (42%) agree that they have a better work/life balance since working flexibly.
- And with cost of living pressures still a prominent worry, 1 in 3 (32%) believe that hybrid working should stay to help keep costs down.
- Matthew Harwood, home and lifestyle expert at Confused.com home insurance explains when extra levels of protection might be needed for those who work from home.
More than 1 in 5 (21%) UK adults say they’d move jobs if their current flexibility changed.
New research reveals how post-pandemic work routines are still popular for many, as Brits choose to continue working flexibly during the cost of living crisis. That’s according to data gathered by Confused.com, who asked 2,000 UK adults about their current job flexibility.
There are pros and cons to working either from home or in person. But it’s clear that the financial aspect of working from home continues to be an appealing offer for many. That’s as data shows how weekly expenditure is more than half when working from home. Average costs are around £81 versus £171, in comparison.
For those who work from home, the obvious is that money isn’t spent on commuting. On average, costs for things like public transport, parking charges and fuel cost people £78 per week. That means each month, around £312 could be spent just on this alone. When spending on food, such as breakfast, lunch and even snacks, this costs around £204 per month for people working in their dedicated office space. This is more expensive than for those who work from home, who say they spend around £172 each month.
But those who work at home do have to factor in things like energy bills, which are facing some of the highest costs in recent years. On average, Brits say this currently costs them around £34 per week, or £136 per month. Although, despite the higher rates, working from home is the more affordable option overall. That’s as total expenditure per week is just £81, on average, giving a £90 saving in comparison to other workers. That means each month, savings of around £360 could be made.
Although the average inflation rate has reduced from 9% at the start of the year to 6%(1), millions continue to struggle with the overall cost of living. So by working from home and having potential savings of £360 each month, this could go a long way, especially for those who are struggling financially. In fact, 1 in 8 (17%) said they work from home because they can’t currently afford to commute or pay for other expenses. And more than half (51%) say the rising cost of living means they try to avoid commuting as often as possible.
But despite clear savings, it’s also evident from the research that employers are keen to get people back into the office. That’s as around 9 in 10 (92%) say that they use their dedicated working space at least once a week. But some employers might be stricter than others. Just 1 in 3 (33%) said they have a choice when it comes to which days they’re in the office, while 2 in 5 (41%) said their chosen office days were compulsory. And around 1 in 5 (18%) said their employer isn’t as flexible as they were 12 months ago.
There are many benefits to hybrid working, for both employers and its employees. But opinion on just how flexible things should be is divided. That’s as around 1 in 3 (32%) think people shouldn’t be stopped from working flexibly when there’s a financial crisis going on.
But it’s not just the financial aspect that workers care about. Around 2 in 5 (42%) think that they have a better work/life balance since they have the freedom to work more flexibly. In fact, 1 in 5 (22%) also said they wouldn’t take a job if it didn’t offer hybrid working, so it’s understandable why a similar amount of people admit they’d change jobs if flexibility changed too. But if you’re working from home, is there anything you need to be aware of?
If employees have to work from home, then the employer should have appropriate business insurance in place. This will cover for any equipment used as part of the job role which has been taken outside of the usual office space. But for those who are self-employed or even use their home for things like face-to-face meetings, then they should notify their home insurance provider. This could result in an increase to home insurance premiums, but it’s for good reason. Having the right insurance policy in place means work equipment is covered and people won’t be stung if they ever need to claim.
Home and lifestyle expert, Matthew Harwood at Confused.com home insurance explains:
“There are many benefits to working flexibly, especially as some admit that they have a better work/life balance as a result. It might also be more financially feasible to work from home, but a face-to-face environment is also good for social wellbeing too. So it’s probably no surprise that workers would change their job if their hybrid way of working was to change.
“If you work from home, generally your employer should have business insurance to protect any equipment they’ve given you to use. But if your work setup involves things like in-person meetings or storing products in your home, then you should inform your insurer. That’s because your risk level is likely to change, and the policy you currently have in place might not cover you for your new way of working. If you’re unsure, you should check your policy documents or speak with your insurer. Our guide on working from home insurance can also advise on the best home insurance options, depending on your circumstances.”
ENDS
Media information:
Confused.com press office:
Launched in 2002, Confused.com was the UK's first digital marketplace for car insurance and is one of the leading brands in the sector, generating over one million quotes per month. It has expanded its range of comparison products over the years to include home insurance, van insurance, motorcycle insurance, and car finance comparison, as well as a number of tools designed to save consumers money.
Confused.com is not a supplier, insurance company or broker. It provides an objective and unbiased service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com’s service is based on the most up-to-date information provided by UK suppliers and industry regulators.
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