A thinktank has proposed that the cost of living could be alleviated by a four-day week with no loss of pay. Research organisation Autonomy have reported that this could ultimately save parents thousands of pounds a year in childcare and commuting costs, as reported by The Guardian .
According to Autonomy’s calculations, a person with a child under two would save £1,440 in childcare and £340 from commuting on average across a year, simply by not having to travel to work one day a week. According to the Trades Union Congress, the average annual childcare cost was estimated at £7,200 on average for a family with one child in 2021– while working parents may spend much more in many parts of the country.
READ MORE: Community café says more people can't afford to pay for food
This analysis follows the ongoing six-month pilot of a four-day week, which will be continuing until November, where 73 companies that employ about 3,300 workers have signed up to the trial. The trial and its latest study are part of the 4 Day Week campaign- which is also supported by Autonomy. Said to be the biggest of its kind anywhere in the world, the campaign aims to highlight the impact of employment patterns in several companies.
Especially in light of the COVID pandemic, this prompted a re-examination of working patterns, following an increase in adopting hybrid and flexible practices, instead of the typical 9 to 5, five day a week work schedule. Currently, with the additional financial benefits to having a four-day week potentially, academics hope to analyse the trial to further weigh the positive and negative effects of working a day less.
Nonetheless, the spending on leisure activities on the extra day off would need to also be taken into consideration- as well as costs such as home heating bills if workers and children remain at home.
Joe Ryle, 4 Day Week campaign director, told The Guardian: “There have definitely been difficulties for some companies. But it looks like the vast majority will be sticking with it permanently.”
Will Stronge, director of research at Autonomy, added: “The benefits of a four-day week for the wellbeing of workers and boosting productivity are well known, but the impact it could have on the cost of living has so far been overlooked.
“A four-day week with no loss of pay could play a crucial role in supporting workers to make ends meet over the next few years.”
Read next
