Employees aged 30-34 value working fewer hours despite lower pay, according to research by Phoenix Group’s longevity think tank Phoenix Insights.
Its findings highlighted that while pay is still important for respondents in this age bracket, if they want to change their working patterns, it is to reduce rather than increase their hours, despite a monthly income reduction. Care or home-related responsibilities was the primary reason for reducing hours.
Younger workers at the start of their careers, meanwhile, want to increase their hours or move jobs for opportunities for earnings and progression, with 19% of those aged 16-17 wanting more hours or a new or additional job.
Meanwhile, those in their 50s are more than twice as likely to want to work fewer hours, with 5% of those aged 50-59 wanting more hours, and 11% aged 50-54 and 14% aged 55-59 wanting fewer hours and less pay.
Hours, location and the way people work were the top three flexible work priorities for respondents. One in eight respondents said they were dissatisfied with the flexibility in their current role.
Patrick Thomson, head of research analysis and policy at Phoenix Insights, said: “Flexibility is much more than the hybrid working debate. It is about how we can make work more sustainable for the future and accessible to a wider proportion of society who otherwise might be excluded or driven from the workplace. Getting this right is important not just for individuals but also critical for boosting productivity and tackling the issue of economic inactivity.
“People are still facing financial hardship from the fall out of the cost-of-living crisis and there are currently millions of people in the UK under saving for their future retirement. Supporting people to remain in work and continue to earn and save while they balance other life commitments, caring responsibilities or ill health will go some way to addressing these challenges.”
