Cost of living is dramatically impacting key workers as new research finds nearly 37% of teachers are struggling financially

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  • 37% of teachers are struggling financially
  • Yet, using discount schemes can save key workers over £2,200 a year across every area of household expenditure including the weekly shop, holidays, broadband, mobile phones, clothing, household goods, motoring, eating out, leisure, any many other categories
  • Of the 2.7m key workers who use Network’s discount schemes:
    • 91% say they have a better quality of life
    • 46% say they feel more loyal to their role
    • 37% are more likely to recommend their workplace to others

 

A new study has highlighted the acute financial burden on teachers amidst the cost-of-living crisis with 37% saying they are struggling financially.

 

Concerned about the impact of the cost of living crisis on its members, Network, providers of discount schemes for key workers commissioned research to understand the effect of the enormous pressures facing teachers in the current climate.

 

The research has found that 37% of teachers are in financial difficulty and describe their financial situation as either; ‘making ends meet, but no more’; ‘falling a little behind, relying a bit on credit’: or “a very difficult situation-heavily in debt’.

 

Prisha, a teacher, said: “Cost of living is constantly on my mind and it is stressful. Finances are always difficult to manage and no matter how much I cut down, I always feel like I’m not making any headway.”

 

Network is calling on policymakers to make key workers more aware of the availability of discount schemes so that all staff working across education are able to take advantage of the additional helping hand that these schemes provide.

 

Discount schemes also have the additional benefit of boosting morale at a crucial time when recruitment and retention are among the biggest challenges facing the education sector.

 

A teacher, Laura, added: “My workload is never-ending, and no matter how much time I have it never seems to be enough…I absolutely love teaching and working with young people, I am passionate about making a difference, but I am tired…I know I can’t keep this up.”

 

Significantly, the research reveals that 91% of key workers who have access to one of Network’s discount schemes have a better quality of life and save an average of over £2,200 a year. The study also shows the impact of discount schemes on recruitment and retention, with 46% saying they feel more loyal to their role and 37% are more likely to recommend their workplace to others.

 

Commenting on the impact that discount schemes have, teacher Maria said: “Being a member of the discount scheme does influence my attitude towards my job; it makes me feel a lot happier about my job and it makes me feel supported and as if my job is important and I do matter to people.”

 

Storm Postlethwaite, Managing Director of Network said: “Our frontline workers make an extraordinary and invaluable contribution to the country every day, and yet many are faced with financial hardship and increasing pressures due to workforce shortages and the cost of living crisis. 

 

“While times are tough, it is vital that we offer a helping hand to relieve some of the pressures and provide some additional reward and support. Discount schemes are an important way in which we can achieve this and show our appreciation.

 

“Whilst we acknowledge the pay rise for public sector workers, we recognise that that these vital workforces remain under financial pressure. It is therefore important that the role of discount schemes is not overlooked in helping to make ends meet and to recognise these people for the amazing work they do.

 

“We are therefore calling on the Government to ensure that employers are aware of the schemes available to help their staff cope with the cost of living crisis.”