4th March 2016
The cost of having a job has risen 16% as workers shell out more on commuting and childcare.
Employees collectively spent £91 billion a year on costs specifically related to working, and those costs are increasing, according to research by Santander Credit Cards.
Work-related expenses such as childcare, commuting, work clothes and computer equipment cost the average full-time employee £3,405 in 2015, compared with £3,218 a year before and £2,681 in 2013. This means costs have risen 6% since 2014 and 27% since 2013.
The £3,405 bill eats up 16% of a full-time worker’s net income on average, up from 15% in 2014 and 12% in 2013.
Getting to work is the most expensive part of employment, costing £1,087 for the average full-time worker. To get to work by public transport, full-time employees shell out an average £1,357 a year and motorists pay £1,282 a year (£922 is spending on full, £180 on parking and £136 on tolls and congestion charges).
Childcare also eats up a substantial amount of a worker’s salary, with the average outlay now £960 a year, although one in four now pay more than four times the average at £3,910 a year.
Barry Naisbitt, chief economist at Santander UK, said: ‘With over 31 million people currently working in the UK, employees are of huge value to the economy. Not only is this from the output of the work they produce, but also due to the substantial additional contribution they make through work-related products and services, to the tune of £91 billion per year.
‘From the money they spend on work clothes to the cost of childcare, employees re-invest a significant amount of the money they earn from work every month.’