Welsh workers would gain back an average of £3,936 a year if they switched to home working permanently, according to a new study from money.co.uk.
The study comes as latest figures from non-profit organisation Technology Connected show 92% of surveyed Welsh businesses had made significant changes to working conditions due to Covid-19, with nearly half having introduced enhanced remote working opportunities for staff.
According to the research, the average Welsh worker spends nearly four and a half hours (255 minutes) a week commuting to their place of work, the equivalent of £48.32 a week in unpaid work time, or £2,319 a year.
How much could Welsh workers save with home working?
|Savings type||Monthly savings||Annual savings|
|Average petrol savings||£62||£743|
|Average insurance savings||£10||£120|
|Average train fare savings*||£148||£1,786|
|Total savings (drivers)||£265||£3,180|
|Total savings (public transport)||£341||£4,092|
*Based on an average midweek peak return train ticket from commuter areas into Cardiff = £7.60
The OK Commuter study, found the average Welsh worker with a car would save an additional £743 in petrol savings, as well as an £120 saving in insurance costs, by reducing their mileage and dropping commuting from their daily lives, saving a grand total of £3,180 a year.
For those commuting by train, the savings would be even more significant. Based on average peak return prices, workers would save an average of £148 a month by working from home, or a total of £4,092 a year including their unpaid commute time.
With the latest trend figures from Technology Connected showing 88% of surveyed businesses have seen no impact to productivity from home working, and nearly one in 10 (8%) are seeing an uplift in productivity, today’s research could be another boon for Welsh workers hoping to stay at home longer.
Salman Haqqi, personal finance expert from money.co.uk said;
“With more firms looking to extend homeworking or even make permanent switches to remote working for staff, some Welsh workers could be in for a surprise windfall in both tangible savings and unpaid commute time.
“Based on the average Welsh salary, workers waste the equivalent of £2,319 worth of unpaid work time in traffic each year. Added to this the additional travel savings to be had, it means that Welsh workers could be significantly better off in time and money through home working.”
Avril Lewis MBE, managing director of Technology Connected commented;
“Technology has been the backbone of the global economy throughout the pandemic, unpinning and enabling sectors and businesses to continue working, and creating innovative solutions to keep our economy moving.
“Remote working has been one of the most visible illustrations of how our technology industry has enabled our daily lives throughout Covid-19, and we’re starting to see benefits for both businesses and workers alike in happiness and productivity.
“As early adopters, we are seeing more businesses within our sector evaluate their remote working practices as an opportunity to streamline costs, maximise productivity and boost staff morale. As more sectors and businesses consider enhanced, long-term remote working options, we could see dramatic changes to how we view work, attract talent and our work-life balance in Wales.”
For more information on UK commuting costs, including regional data, please visit money.co.uk’s Ok Commuter data page: https://www.money.co.uk/guides/ok-commuter