March 10, 2020
According to the latest survey from CV-Library, the majority of Brits admit that they struggle to make ends meet, but over half are still too scared to ask their employer for a pay rise. The study, which surveyed 2,000 British professionals, claims that 18-24 year-olds are the most likely to struggle financially; with 67.7 percent of respondents in this age group finding it hard to make ends meet. This is closely followed by 66.7 percent of 35-44 year-olds and 60.9 percent of 25-35 year-olds.
What’s more, the survey also suggests that 61.3 percent of Brits feel confident about securing a higher paid role elsewhere. Men were most confident about this (64.4 percent of men vs 57 percent of women), as were 25-34 year olds (65.5 percent) and 18-24 year olds (63.8 percent).
Lee Biggins, founder and CEO of CV-Library comments: “It’s worrying to see that so many people are struggling to make ends meet across the UK. The cost of living is continuing to rise and when the economy is so uncertain, it’s clear that companies just can’t keep up in terms of pay. It’s unsustainable for professionals to keep working at a financial deficit and it’s up to businesses do their best to offer employees reasonable salaries. If you don’t, you’ll run the risk of losing talented staff.”
The study claims that 56.4 percent of professionals run out of money before they get paid. Indeed, the research shows that workers in Liverpool are the most likely run out of money before the end of the month; with nearly two thirds of residents running out of funds. This is closely followed by those in Leeds, Cardiff, Brighton and Edinburgh.
“It’s worrying to see that so many people are struggling to make ends meet across the UK.”
Biggins continues: “While businesses aren’t solely responsible for their employees’ financial wellbeing, you want to make sure you’re offering fair pay. Plus, in order to retain talented workers, it’s important that you conduct annual salary reviews. This doesn’t mean you have to offer more than you can afford; but you should look to reward good performance and increase wages in line with inflation.
“That said, there may still be times when this isn’t enough. If you do lose members of staff, it’s important to start looking for a replacement as soon as possible to ensure continuity. Be sure to draft your job advert carefully and consider offering a higher wage to any prospective candidates. This should attract top talent and set you apart from your competitors.”