Latest data from employee benefits expert Sodexo Engage has found that as many battle with the cost of living challenges, employees could be £1,679 better off from cashbacks and savings through employer provided schemes.
The average family, according to the Resolution Foundation will be £1,000 worse-off per year from rises in household bills, groceries, travel and taxes. Against this backdrop, and with inflation accelerating to a 30-year high, leveraging employee benefits can make a real difference to households’ finances.
The research found that those with an average household income of £29,900 could be £108 better off with discounts and voluntary cashback benefits every month, which equates to a household pay rise of 4%. According to the ONS, the average UK family spends £3,312.40 on groceries a year and £1,216.80 on clothing and footwear. Through savings and cashbacks offered by employee benefit schemes, employers can help their workers save £132.50 on groceries and £97.30 on clothing and footwear.
|Spending Category (excluding household and energy bills)||Average UK Family Annual Spend*|
|Clothing & Footwear||£1,216.80|
|Household goods & improvements||£1,898.00|
|Leisure, experiences and eating out||£3,889.60|
|Total||£16,104.40 (£1,679.60 annual saving)|
*Source: Office for National Statistics UK family spending and household income data.
Graham James, Director of Commercial Development at Sodexo Engage, comments:
“It’s important for employers to recognise that they are able to support their staff during this time. Utilising workplace benefits like discounts in supermarkets, online cashbacks and e-vouchers, can have a tremendous impact on household finances.
“We’re also seeing companies offering sessions with independent financial advisors to help employees plan their finances as well as offering rewards like vouchers for days out with family. These offerings may seem small but are invaluable and can ease some of the financial pressures that employees are feeling.”
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