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A fifth of workers couldn’t cope if they lost their pay rise

Employees upgrade their lifestyle just six weeks after an income boost
Emily Perryman | 11th January 2019
 

Almost one in five (19%) people claim they would not be able to cope financially if their income level was reduced to the level it was before receiving a pay rise, research shows.

A further 13% said they do know if they would be able to cope or not, according to the poll from Direct Line Life Insurance.

UK employees who have received a pay rise within the last five years take just six weeks to “level up” their spending habits after receiving a salary increase, with one in six (17%) upgrading their lifestyle immediately.

Over half of workers said their additional income is absorbed by lifestyle upgrades in just three months.

Jane Morgan, business manager at Direct Line Life Insurance, suggested people who get a pay rise reflect on their financial position and consider the protection they have in place for their family.



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