The 29th of February adds an extra workday in 2024.
- Brits with full-time salaries face an average financial loss of £134.
- Monthly salary structures don’t compensate for the added leap day.
- This loss is equivalent to two weeks of grocery shopping expenses.
- Options exist to mitigate financial impact, such as switching banks.
The additional day in February 2024, due to the leap year, may go unnoticed by many, but it brings significant financial implications for British employees. With the monthly salary system in place, full-time employees will effectively work an extra day without additional pay. On average, each working day translates to £134, which employees will not receive for the leap day.
To illustrate the impact, the average annual salary in the UK is £34,963, which normally breaks down to £134 per working day before tax. This means that employees are performing their duties on the 29th of February essentially for free, a day that could otherwise cover approximately two weeks of grocery shopping. The Office for National Statistics estimates a UK household spends an average of £62.20 weekly on groceries, further highlighting the financial weight of this unpaid day.
For many, this issue raises concerns about personal finances. Kate Steere, a savings expert, advises considering solutions like switching bank accounts to benefit from competitive offers. “The idea of effectively working for free is a frustrating one, and of course, you will incur expenses like food and utility bills on the day to add to the burden. If you’re worried about your financial situation and are looking for a little boost, then you could consider switching your current account,” she suggests.
Switching accounts can lead to a financial gain, as some banks, including NatWest and RBS, offer up to £200 to new customers who switch. This process is simplified through the Current Account Switching Service, which automatically transfers direct debits and contacts. Additionally, savings tools such as Plum and Chip provide platforms for saving and investing with favourable rates, offering another layer of financial relief.
Despite the financial challenges posed by the leap year, exploring financial management options can offer some relief.
