- NatWest Premier data shows that even when on a much-needed holiday, 42% of those are still working, with it rising to two thirds (66%) when it comes to those earning over £100k
- Brits aren’t taking their annual leave allowance either, with five days of holiday not taken on average per person every year
- ‘Too expensive to go on holiday’ and ‘do not have time to plan’ are among the top reasons working Brits aren’t taking their allocated annual leave
- Laura Newman, Head of NatWest Premier Financial Planning, shares top tips to help with holiday planning and making the most of time off
August 2024: The Summer holiday period may be in full swing, but 45% of working Brits are not taking their full annual leave allowance, and even with their out-of-office on, many are still working.
Out of this, just half (50%) of men take all their annual holiday allowance, and 61% of women, according to new research from NatWest Premier. Of those who do not take all their holiday allowance, five days of holiday are wasted on average per person every year – the equivalent to a full working week.
Even when it comes to that well-deserved time off, many are guilty of working on holiday. For Brits going on holiday for seven days, 2.5 days out of that are spent working amongst those earning (£15k-£100k earners) vs 2.9 days for those earning over £100k earners.
NatWest Premier’s new research shows a significant jump when it comes to high earners vs other earnings brackets. Two-thirds (66%) of those earning over £100k admit to working while on holiday, compared to just 42% for the general population of working Brits. The higher the salary, the more likely people are to work.
The study of over 2,000 employed respondents explored why Brits are not making the most of their annual leave allowance, why they are working while on holiday, and the time and financial pressures they face.
The number one reason why the surveyed Brits are guilty of working when on holiday is wanting to stay on top of their workload to reduce stress when they return, with high earners feeling the pressure more - 34% for general population of working Brits vs 41% of those earning over £100k.
Laura Newman, Head of NatWest Premier Financial Planning, emphasised the benefits of savvy financial planning to better enjoy your holidays: “You’ve got your annual leave allowance, want to take a holiday, but don’t know what help is available, and have no time to plan it – logistically or financially – meaning it never gets booked, and the much-needed R & R doesn’t happen. It can be a cycle, and our latest research shows many are guilty of this.
“However, what many don’t realise is that your bank can help with financial savings when it comes to booking holidays. Banks often have travel benefits, planning advice, and services available specifically for holiday planning.
“Here at NatWest Premier, some of our accounts offer free airport lounge access, free travel insurance, and no FX fees, as well as around the clock support and advice for all customers. We take the planning off the hands of holidaymakers!”
When it comes to not taking annual leave, the main reason is because it’s too expensive (27%). However, a third (33%) of those in the high earning bracket (annual salary of over £100,000) say they do not have time to plan a holiday.
When asked what would help with holiday planning in future, over a third (35%) said access to money-saving offers, and 32% said making planning easier and having as little fuss as possible.
As Head of NatWest Premier Financial Planning, Newman also shares tips on how getting your finances in order, and making the best use of the products and services provided by your bank can help make the most of that essential switch-off time:
1. Work backwards: to successfully manage your finances and budget accordingly, I’d advise working out your holiday goals and associated costs. A two-week beach holiday, a city-break, or an island-hopping adventure – whatever your holiday goals, work out approximate costs for each and what’s achievable within your annual leave allowance. Once you have your costs on paper, it’s easier to work backwards from there and plot out the steps to get there.
2. Consistency is key: your holiday goals are set, now start planning and mapping out how to reach them. It’s crucial to ensure you crack any bad spending habits. Be consistent, and get into a regular savings habit.
3. Seek financial advice from your bank: many can be unsure what financial planning information is available to them. Check to see what your bank offers for free. There will likely be ways that you can make your money work harder. Go in with your holiday plans, and a financial advisor can help with how to plan your finances accordingly.
4. Seek holiday advice from your bank too: what many don’t realise, is that banks may offer services that can specifically help with holiday planning. For example, at NatWest Premier, some of our current accounts come with free airport lounge access, free travel insurance, and no FX fees – meaning one less thing for holidaymakers to worry about.
