ONLY 4% of UK employers have offered financial help with cost of living crisis

Only 4% of companies have voluntarily awarded financial compensation, with the computer and technology industry the most generous

The survey also looked to uncover how many UK employers had offered financial incentives to employees to cope with the cost of living crisis, without being asked.

The results show that only 4% of companies had offered employees any financial compensation. Of those who had provided such benefits, most companies were based in Yorkshire and the Humber, followed by those in the South West. Companies in the North East were least likely to have provided financial compensation.

The employees who were most likely to have received compensation were those aged 35-44, while those aged above 54 were least likely to have received financial compensation unasked.

Businesses in the Computing and Technology industry were mostly likely to have provided employees with financial compensation to combat the cost of living crisis, while hospitality were least likely to have provided such benefits.

Nearly 7 in 10 UK adults have considered asking for a pay rise due to the cost of living crisis

Out of 5,100 people surveyed, 3,546 (68%) people revealed they have considered asking their employer for a pay rise. The highest number of respondents answering yes were those aged between 35-44, with 75% revealing they had considered asking for more money.

The age group which were least likely to consider asking for a pay rise were those aged over 54, at 69%.

Regionally, those living in the East Midlands were considering asking for a pay rise the most due to the cost of living crisis with 76% of respondents answering yes. In second place were those in Wales at 73.9%, followed by the North East with 73.4% responding yes.

When it comes to the sectors who most wanted to ask for a pay rise due to the cost of living crisis, computing and technology came out on top at 76.8%, while those in hospitality were least likely to consider asking at 65.6%.

26% of businesses awarded a payrise to those who asked

Forbes Advisor also discovered that while 68% of UK adults wanted to ask for a pay rise due to the cost of living crisis, only 25% actually did it.

The highest number of these respondents were aged over 54 at 19.8%, while the 18-24 age group reported the lowest number of adults who have asked for a pay rise at 16.7%.

Those in the North East were most likely to have asked for a pay rise, while those in the South West had shied away at 13.4%.

Employees working in telecommunication were revealed to be the most likely to have actually asked for a pay rise, while those in pharmaceutical roles were least likely to commit to asking.

Of those who did ask for a pay rise, over a quarter (26%) were awarded one. Those who were most likely to be successful in their request for more money were aged 35-44, in the West Midlands and working in computing and technology.

Conversely, those aged 18-24, based in Northern Ireland and working in transportation respectively were least likely to be awarded a pay rise.

Cost of living crisis pay rises sit at 1 – 4%, under the rate of inflation

Of the 26% of respondents that successfully obtained a pay rise due to the cost of living crisis, 63% were awarded a pay rise between 1 – 4%.

• 32% received pay rise between 5 – 9%
• 3.1% received pay rise between 10 – 13%
• 1.8% received a pay rise over 13%

With the UK inflation rate currently sat at 9%, only 4.9% of those who received pay rise gained one higher than this.

Please find the full data set here 

Research carried on behalf of https://www.forbes.com/uk/advisor/loans/ .