Employees Encouraged to Budget Rather Than Time Waste

By: Abbi Rouse

Up to 50 minutes a day is being spent by UK Employees indulging in activities at their desks such as sending texts, chatting on social networking sites and making personal phone calls, yet they are reluctant to spend any time getting to grips with their financial situation, according to the latest research from Axa.

Ahead of its latest initiative called My Budget Day, Axa is urging all employees all across the UK to spend an hour a month working on their financial situation and evaluating any loans, or other finance they may have, they found that 14 work hours each month is taken up by what it calls social not-working.

It was reflected in the research, that 42 minutes is spent emailing family and friends, and up to 26 minutes on social net working sites by UK employees. This is time that Axa suggests could be better used looking on the internet for online loans, searching for a loan quote or otherwise evaluating and planning their financial situation.

Axa is encouraging employers to get involved with the budgeting drive by allowing employees an hour a month to plan their financial future and ascertain their current financial situation, making the best of this non-working time.

Pat Brady from Axa said: There is arguably a lack of motivation in our country' to deal with financial matterss enormous personal debt problem. If employers can help people to recognise the value of spending time reviewing their finances it could go some way to addressing this.

Activities such as gambling, gossiping and booking holidays also make up employees non-work time, with certain regions of the country more affected than others. The east and west Midlands were found to be the biggest users of online portals shopping at work - time that could perhaps be better spent looking for a personal loan on the internet. The north-west was the place for gossips, while texting was a popular work time-waster in Scotland.

Greater London was found to be the place where a number of activities were most prevalent, with emailing friends and family, booking holidays, gambling, making personal phone calls and using social networking sites all happening for a longer amount of time there than anywhere else in the UK. Axa is suggesting that such time could easily be put to better use, especially with the aid of the internet, to find online loans or to plan a budget more effectively.

The proposed move has been welcomed by union Unite and its national officer, David Fleming: This initiative is providing employees with an opportunity to help tackle a great cause of stress in the workplace - financial worries. Unite welcomes this scheme as a positive step in addressing the widespread issue of financial exclusion.

Chris Tapp from Credit Action only last month highlighted the need for more time to be spent by consumers planning their finances, he suggested that more people were struggling with their finances as a result of the recent interest rate rises. Mr Tapp said that more people are visiting services such as Credit Action to ask for advice on how to repay their mortgage.

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