New report details the worrying hidden costs expenses are putting on the UKs working population

A shocking report from PayCaptain has recently highlighted the significant hidden mental and financial pressures Brits are facing when it comes to covering expenses on behalf of employers against the backdrop of the rising cost of living. The report details how 40 per cent have taken out loans or had to use credit cards as a result of paying for company expenses, with a further 37 per cent remaining out of pocket after being reimbursed2. All of which is adding to financial strain, with a potential negative impact on credit card ratings and missed personal payments.

The results further highlight how British workers are being put under increasing stress as a result of covering business expenses. One in four British workers stated that paying for company expenses puts pressure on them paying essential bills, with one in five Brits having to skip meals, miss payments, or not buy day-to-day items due to having to pay for expenses. This is particularly concerning for the 16-24 lower-earning age group, with one in six deciding to work from home and missing out on invaluable workplace-based learning as they cannot afford travel.

The findings underline the increasing issue of ‘In Work Poverty’ in the UK, with 7.9 million working-age adults living below the breadline, and six in ten low-income households not being able to afford unexpected expenses.

It’s no surprise that a huge one third of Brits stated that paying for company expenses impacts their mental health and makes them feel anxious, with the 16 -24 age group particularly vulnerable. One in six say it negatively impacts their relationships, in addition to stresses for paying for daily essentials. And this has a direct impact on productivity in the workplace, as 94% of UK employees admit to worrying about money, with 77% saying this impacts them at work.

On average British workers have to cover expenses up to five times a month equating to an additional £273 in outgoings for expenses. Almost 20 per cent have to cover work related expenses up to two-four times a week, with a further 10 per cent having to cover up to £4,800 annually.