Cost of living: working remotely brings welcome financial savings

85% of UK workers say being able to work remotely - fully or hybrid - is saving them money
Biggest savings are on travel and food
People are using money to boost savings and to cope with inflation

The overwhelming majority of Brits in fully remote or hybrid roles say the ability to work remotely is helping them save money. The new findings, from global HR company Deel, demonstrate the enormous value of flexible working patterns to workers during the cost-of-living crisis and inflation at a near-40 year high.

Deel surveyed almost 2,000 UK adults and found that of those working in remote or hybrid roles, 85% said that working remotely has saved them money. As a result, two in three (66%) say the ability to work remotely is making them feel more financially secure.

When asked where they were saving money, 53% said petrol, while just over a third also cited public transport (35%). A third (33%) also said that the ability to eat at home rather than spending money on food near the office is helping them save.

One in eight (13%) called out childcare as an area where they are saving money, illustrating the financial benefits that flexible working patterns afford to parents.

Remote and hybrid workers are saving money most on:

Petrol (53%)
Public transport (35%)
Food (33%)
Car maintenance (30%)
Parking fees (29%)
Work clothes (26%)
Childcare (13%)

Workers boosting their savings thanks to remote working

The research from Deel also finds that the money being saved on other outgoings because of their flexible working pattern is being used to adapt to the increased cost of living, rather than being spent elsewhere. 46% said they were putting the money straight into savings, while 27% said it was helping with housing costs (e.g. mortgage and rent payments).

One in five (21%) said they were using the money they saved to cope with increased prices due to inflation, and 14% said they were using it to pay off debt.

The impact of the current economic climate and the bleak outlook for 2023 is weighing on workers’ minds. The vast majority (83%) of respondents say the state of the economy makes it more likely they will continue to work remotely.

Matt Monette, UK&I Country Lead at Deel comments:

“The financial benefits people enjoy from being able to work remotely and flexibly are significant. It’s easy to overlook what may feel like small amounts day-to-day, spent on travel or food. But over a year that’s a huge amount of money - and with the current cost of living crisis driven by soaring inflation, you can see why so many people are thankful for the savings.

“There is no one-size-fits-all approach to work patterns. Some will prefer fully remote and can make that work for them and their employer, while others embrace the hybrid approach. To employers who remain reluctant to move away from full-time office roles, this research is stark proof of the financial benefits more flexible working patterns can bring to workforces, alongside the wider positive impact on wellbeing and productivity.”