According to the latest survey from CV-Library, the UK’s leading independent job board, the majority (60.7%) of Londoners struggle to make ends meet each month, but nearly half (49.3%) are still too scared to ask for a pay rise.
The study, which surveyed 2,300 British professionals, reveals that workers in London are also likely to run out of money before the end of the month, with 57% of residents failing to make it to payday. What’s more, the city’s professionals appear less confident about asking for a pay rise than they were a year ago; where 73.8% of workers said they felt comfortable about requesting one.
Lee Biggins, founder and CEO of CV-Library said, “It’s worrying to see that so many people are struggling to make ends meet across the capital. The cost of living is continuing to rise and when the economy is so uncertain, it’s clear that companies just can’t keep up in terms of pay. If you’re finding it difficult to manage your finances, remember that there is support out there and you can even speak to your local Citizen’s Advice Bureau.”
The study went on to reveal that 63.9% of professionals in London feel confident about securing a higher paid role elsewhere. This was higher than the national average of 61.3%.
Biggins added, “It’s no secret that changing jobs is one of the best ways to secure a higher salary, so it might be time to look for a new role. That said, if you regularly struggle with money, but are happy in your current position it’s worth discussing a pay rise with your line manager first. Remember, you’ll need to prove your worth and show them why you deserve the investment, so come armed with plenty of evidence.”