A new study from CV-Library, the UK’s leading independent job site, has revealed that the average finance professional spends £345 a month on work-related expenses, including lunch, commuting and stationary. That’s equivalent to £4,140 a year!
The survey of 1,000 workers sought to discover just how much the average professional spends on work-related expenses each year and where their money is going.
The data found that while the majority (93.5%) of finance professionals are careful to factor these expenses into their monthly budget, the sector was the most expensive to work in. The full list includes:
- Engineering – £380 a month(equivalent to £4,560 a year)
- Marketing – £349 a month(equivalent to £4,188 a year)
- Finance – £345 a month (equivalent to £4,140 a year)
- Hospitality – £320 a month(equivalent to £3,840 a year)
- Education – £215 a month(equivalent to £2,580 a year)
Lee Biggins, founder and managing director of CV-Library comments: “While we expect to invest a portion of our wages back into our everyday life, it’s concerning to learn just how much professionals in the finance sector are losing on work-related expenses. After all, we go to work to earn money – not spend it!
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“That said, it’s good to see that the majority are factoring these outgoings into their monthly budget and it’s important to take these expenses into consideration when you’re looking for a job. That way, you can choose the location, salary and role that’s going to be most financially beneficial to you.”
Finance professionals were asked to reveal the work-related costs they pay out each month. Unsurprisingly, commuting/travel topped the list (93.3%), followed by lunch (88.9%), work social events (44.4%), office snacks/drinks (40.7%) and clothes/uniform (29.6%). Interestingly, 81.5% of workers believe that employers should pay for some, if not all, of these work-related costs.
Biggins concludes: “It’s understandable that professionals want their employers to cover some of these costs, though if they’re offering a competitive enough salary, this should cover a number of these expenses anyway. Some costs such as travel can be unavoidable, but professionals must also be frugal to ensure they’re not needlessly spending their wages.
“If your current role is costing you a large chunk of your wages, it could be time to look for a better opportunity offering more pay, money-saving schemes or that is located closer to home.”
Not sure what you could be earning? Check out CV-Library’s UK salary guide.