13.4 C
Wednesday, July 24, 2024
EmploymentNorth West of England hit by cost-of-living crisis with £13K pay gap

North West of England hit by cost-of-living crisis with £13K pay gap

Workers in the North West are battling the cost-of-living crisis, with the average worker wanting £13,000 more per year in order to live comfortably.

Research conducted by Reed revealed salary expectation gaps across the UK – with staff in the region feeling £46,000 is a comfortable salary.

The average wage in the North West is currently £33,000.

Pinning this against the national statistics, the North West is experiencing a slightly less intense wage gap, with the average salary expectation gap across the UK being £14,000.

As part of their annual salary guides, Reed analysed more than 17 million job adverts and asked 5,000 UK workers a range of questions on their salary – both current and expected.

It revealed that workers on the nation’s average salary of £35,000 would need a 40% pay rise to survive the sharp increase in the cost of living – totalling up to a substantial £1,200 extra per month to keep up. To compare, workers in the North West would need an extra £1,100 per month.

Douglas Turkington, regional director for the North West at Reed, said: “The northern UK’s economic heartland is the country’s second-largest regional economy, and so it remains eager to bounce back and not succumb under the pressure inflation brings to businesses.

“But the North West is still feeling the same strain as the rest of the nation – salaries aren’t meeting the demands of the cost-of-living crisis. The good news is that the employment market remains relatively active, however competition for jobs is high, and we’re beginning to see a higher number of applications. Companies, where possible, need to keep their salaries and benefits as attractive as possible, not only to attract people, but to keep the people they have from looking elsewhere.”

In addition to this, 37% of workers in the North West felt that their financial outgoings were negatively impacting their mental health, with 33% not feeling confident that they will achieve their financial saving goals as planned. The research also unveiled that 54% are actively looking or considering new job opportunities, with 32% believing they could get paid more elsewhere.

Reed has produced a suite of 16 sector-specific salary guides, which includes an in-depth analysis of a survey with 5,000 UK workers, assessing their current and preferred salaries and benefits, their organisation’s performance and priorities, how they rated their job security and the future of their sector, and the key recruitment and skills trends they’re witnessing.

Helen Greaney
Helen Greaney
I'm a journalist with more than 18 years' experience on local, regional and national newspapers, as well as PR and digital marketing. Crime and the courts is my specialist area but I'm also keen to hear your stories concerning Manchester and the greater North West region.
Subscribe to our newsletter
Business Manchester will use the information you provide on this form to be in touch with you and to provide updates and marketing.
Don't miss

More News