Inflation is eating into household income more than it has done since the oil crisis in the late 1970s – is working from home the best solution? Inflation outstrips wages New inflation data released recently demonstrates how in the last month, inflation has risen faster than wage increases, excluding bonuses. This means that the cost of living has become more expensive at the same time as average wages have fallen. Normally, wages would rise faster than inflation, meaning households had enough money to spend and translating into a better broader economy. The disparity between the figures from September is 3.6%, which is the biggest negative effect on wages since earning figures began ten years ago. Going back even further, it is possible to compare these figures with the squeeze on households during the late 1970s, when a second oil price shock caused a sudden leap in inflation to well over 30%. Working from home So what is the answer? Once derided as a low-productivity, last resort option, working from home now seems like a very sensible idea. By removing additional costs for travel, whether that be £20 in fuel every week or a £10 bus pass, and other costs such as office attire, stationery and food for lunches, working from home saves households money at a time when every penny counts. Lots of the freelance translators that we employ work from home and many find that this doesn’t just bring financial benefits. Stay at home mums can fit in three or four hours every day and still have time to look after their child, bringing in vital additional income to support the family. Graduates or those who have been out of work can join the earnings ladder and gain valuable experience at a time when finding full-time jobs is tough. Working from home is the perfect way to combat inflation, so why not give it a try? If you are an ITI qualified translator or transcriber with legal, medical or market research experience, please call 01772 252333 or email [email protected] to find out more.
