UK workers would gain back £4,168 a year with switch to homeworking
Workers would gain back an average of £4,168 of their time if they switched to home working permanently for a year, according to a new study from money.co.uk.
Analysing average commuting time and salaries across UK regions, the comparison service found that lockdown and home working is saving workers an average of 57 minutes a day in unpaid commute time, equating to £272.95 a month in unpaid work.
OK Commuter: average unpaid commute by UK region
The study comes as a new survey of just under 1,000 firms by the Institute of Directors (IoD) shows that 74% plan on maintaining the increase in home working.
According to the money.co.uk research, lockdown has seen more than three quarters (76%) of motorists reduce their annual mileage, with the average mileage of UK drivers falling from 8,000 miles a year to just 3,000.
With the average cost per litre of fuel now sitting at 114p, and an average UK MPG of 35 miles per gallon, that means on average, drivers can expect to save £742 a year on fuel costs, or £371.50 if lockdown continues over the next six months.
The reduction in annual mileage could also see UK drivers save on their insurance premiums, with research from money.co.uk finding an average savings of £150 to be had for drivers cutting their journeys.
Salman Haqqi, Personal Finance Expert from money.co.uk said: “With more firms looking to extend home working or even make permanent switches to remote working for staff, some UK workers could be in for a surprise windfall in both tangible savings and unpaid commute time.
“On average, we spend 57 minutes a day commuting to our places of work, with those who drive, spending £743 a year on petrol costs to do so. Based on average salaries across the UK, it means we spend the equivalent of £4,168 in time on cars, trains and buses travelling to and from work every year.
“It remains to be seen to what extent firms across the UK will embrace remote working post pandemic. However, should the extended lockdown continue across the next six months as suggested, it could leave workers better off in both time and money.”