Sorry kids, Santa’s sack might not be so full this year. According to new research, an alarming 88% of U.K. workers are unsure whether their current role can sustain them financially during this economically uncertain period.
Further, productivity platform ClickUp’s study, published in late November, calculated that 26% of Britain-based employees are planning to switch jobs because of the cost-of-living crisis — inflation hit 11.1% in October, a 41-year high — and the desperate need to earn more money.
“With the highest inflation rate among the G7 countries [consisting of Canada, France, Germany, Italy, Japan, the U.K and the U.S.], there’s no doubt almost every working family in the U.K. is feeling the pinch,” said Alan Bradstock, a senior insolvency practitioner at Accura Accountants in London. “Many have no choice but to seek higher paid work.”
Citizens Advice, a U.K. charity, said the number of employed people seeking crisis support between July and September jumped 150% compared to the same three-month span two years ago. “Every day, our advisers hear stories of people skipping meals, going without essentials, and then coming to us when they simply can’t cut back anymore,” said Morgan Wild, the charity’s head of policy. “This cannot continue.”
The full version of this article was first published on DigiDay’s future-of-work platform, WorkLife, in November 2022 – to read the complete piece, please click HERE.