According to Sarah Coles, senior personal financial expert at Hargreaves Lansdown, that number could drop as costs rise.
According to the Office for National Statistics, between April 28 and May 8, about one in seven working persons in the U.K. worked from home.
According to energy consultancy Auxilione, as Britain’s cost-of-living issue worsens, the price cap, which is presently set at £1,971 per year, could rise as high as £6,089 in April.
ENGLAND — More Britons may soon return to the office due to high heating costs and the possibility of spending this winter working in a chilly and uncomfortable home.
According to a study by price comparison website MoneySuperMarket, seven out of ten (14%) of the 2,000 respondents intend to work from home more often. When examining those aged 18 to 24, this percentage rises to almost a quarter (23%).
The annual energy price ceiling in the UK is expected to surpass £3,500 ($4,131) this year, and a charity fighting fuel poverty is pleading with the government to act “urgently” to address the issue.
According to energy consultancy Auxilione, as Britain’s cost-of-living issue worsens, the price cap, which is presently set at £1,971 per year, could rise as high as £6,089 in April. The price cap, which essentially caps the amount a supplier can charge for their tariffs, has lately risen due to an increase in wholesale prices, which has caused British consumers’ bills to soar.
Between April 28 and May 8, over one in seven working adults in the U.K. worked from home, according to the Office for National Statistics. According to Matt Copeland, director of policy and public affairs at the nonprofit organisation National Energy Action, this percentage may vary as costs rise.
“The significant energy price increases scheduled for October and January will force employees to consider cost-cutting measures. They might prefer to use the electricity of their office over their own, Copeland told CNBC.
As expenses soar, Sarah Coles, a senior personal finance expert at Hargreaves Lansdown, predicts that more employees will choose to return to work.
When energy costs reach a certain level, she explained, “some people would be motivated to return to work” since it would be more cost-effective to drive to work than to heat their home during the day.
According to Coles, the cost difference between working from home and commuting to the office depends heavily on the route of transportation.
The cost of taking a commuter train into London will be significantly higher than the cost of using a local bus. In addition, a modern apartment will cost far less to heat than a large, draughty Victorian home, according to Coles, speaking to CNBC.
According to Confused.com research from 2021, commuters who use the train to work typically spend £136 per week on their commute, while those who drive to work pay an average of £80 per week.
Working from home can save you a tonne of money because the costs of going to the office don’t just stop with the journey.
The cost of a work outfit, lunches, coffees, and other errands that must be run when one is out and about during the day are all included. All of this needs to be taken into account in your calculations, Coles added.
Now that most offices have reopened, people have mostly continued to work from home for two main reasons: better work-life balance and productivity. Coles told CNBC that these benefits may continue to exceed the added expense of heating houses.
Those who opt to work from home will have determined that this is the best option for them, whether it be due to childcare obligations, the fact that they perform better at home, or the fact that they have a lockdown dog they don’t want to leave, according to Coles.
Even though staying at home costs more, she continued, “for them, the other difficulties might mean they want to stay at home.”
According to ONS data, the percentage of people who regularly work from home and in an office has increased this year, with 24% of people doing both between April 27 and May 8.
Coles told CNBC that now that most offices have reopened, the benefits might continue to offset the higher cost of heating households.
The prospect of a warm workspace without the fear of additional expenditures could tip the balance if they are spending every day in an uncomfortable and cold house,” Coles said.
According to Mandy Garner, managing editor at WM People, an online platform encouraging best practises and diversity in the workplace, the rising cost of living is having an increasing impact on the lifestyles of working parents.
While working from home is undoubtedly something that many people still want, our annual poll, which we are just [analysing], reveals that salary has now become the most significant factor for many parents because many are in debt, but there are other worries, according to Garner.
For instance, she added, the availability of childcare is a growing concern for many, and some wraparound care, especially for children with special needs, has not returned to normal.
National Energy Action is meantime requesting additional assistance from the British government for those making these choices.
The UK government urgently needs to update the energy bill support package and collaborate with the regulator to implement a social tariff, according to Copeland, who spoke to CNBC.
The following statement was the Department for Business, Energy & Industrial Strategy’s response to CNBC’s request for comment.
A spokesman said, “We have consistently taken action to help households by phasing in £37 billion worth of support. We recognise the stress individuals are facing with growing costs.
This winter, we are offering a £400 savings on energy costs, and eight million of the most needy households will receive an additional £1,200 in assistance, they declared.
