How much of your income would you sacrifice for more free time? One in two Brits would give up £2,000 a year

Published by Stephen Little on 27 November 2018.
Last updated on 27 November 2018

Take it easy and let your money take care of itself

The pressure of the increasingly demanding work culture in the UK means more and more people are experiencing work-related stress.

But how much of a pay cut would you be willing to take for a better work-life balance?

According to new research from insurance broker LifeSearch, nearly half (48%) of all British workers would be willing to sacrifice up to 10% of their salary for a better work-life balance.

Based on the UK average annual salary of £25,417, this works out at around £2,000 per year.

LifeSearch’s annual Health, Wealth & Happiness Report reveals that overall, 60% say they would sacrifice some of their salary - 4% more than in 2017.

It also found that Brits are becoming increasingly unhappy with work, with 44% saying they work too much - up 10% from last year.

Almost half of millennials (46%) believe they have a poor work-life balance and a quarter of the same age group said work-related stress concerns them.

By contrast, just one in seven, (15%) 35 to 54 year-olds and less than one in twenty (4%) over-55s said stress is a concern.

More men (62%) than women (57%) are prepared to sacrifice their pay for free time, but women are prepared to part with more of it.

But one in twenty women said they’d be happy to sacrifice over 20% of their salary to claw back some free time.

But what would we want to do with our newfound free time? Women would mostly spend it with family (39%), men want to relax (37%), and 18 to 34 year olds want to pursue hobbies (40%).

Iona Bain, financial commentator and author, says: “We as a nation are getting better at expressing our financial fears and hopes - which is good news. But the whole subject of money is still shrouded in mystery and anxiety for most people.”

She adds: “That's why so many of us sleepwalk through our working lives, never realising that more money isn't necessarily the answer - it's about managing the money you have so you can lead a more fulfilled, balanced life and sleep well at night.”

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