A soon-to-be-launched report from Dynata, the world’s largest first-party data and insights company, shows global concerns about the economy, and a “down but not out” resilience across the UK. The report shows us to be a nation of home workers (as opposed to shopkeepers) as the end of furlough approaches, and many predict a steep rise in redundancies.
Leveraging Dynata’s global scale and the industry’s largest fully-permissioned first-party data set, the Dynata Global Consumer Trends report series connects trends with the societal, economical and psychological dynamics that drive them, delivering a unique level of depth and breadth on some of the most important topics in our world today. Dynata’s Global Trends Report: The Economy Edition surveyed over 9000 people across 9 countries globally, including over 1,000 respondents from the UK, from 24th August – 2nd September 2020.
There are four key findings when it comes to Brits and work:
- UK’s spirit of enterprise has not been squashed, but the pandemic has put a dent in it.
- Dynata’s findings show that less than half of Brits are working full-time and 13% are only employed part-time.
- 28% of Brits find the idea of being self-employed ‘very’ or ‘extremely’ exciting. However, this number has decreased dramatically since January 2020, when 43% were energised by the idea. Gen Z’s levels of excitement remain high at 42%, but Gen X are far more uncertain with just 22% saying they are ‘very’ or ‘extremely’ excited by the prospect of self-employment.
- Increased productivity is at the cost of a healthy work-life balance
- Nearly three quarters of Brits claim to be just as or more productive working from home (73%) compared to their usual workplace, with the remaining 27% saying they are less productive. This is in line with the total global picture where 70% say they are just as or more productive; the most productive work from home country is Australia at 79% and least is China at 50%.
- However, all countries and generations reported a decrease in their work-life balance. The Dynata Global Trends Report 2020 in January 2020 showed that 50% of all participants feel they have an “extremely” or “very good” work-life balance.
- The latest reports shows this level has dropped by nine percentage points globally to just 41%.
- Work-life balance appears to be highest in the USA with 54% saying it is ‘extremely’ or ‘very’ good, and lowest in Japan where just 19% say the same thing.
- In the UK, 45% say they have a ‘very’ or ‘extremely’ good work-life balance, dropping from 55% January 2020.
- These figures are highest amongst Baby Boomers in the UK, 50% of whom still (in the most recent report) say they have a good work-life balance, and lowest amongst Generation X, where that number falls to 43%.
- The financial future is confused
- There remain some levels of optimism for our individual financial situations across the globe, with 44% of those polled saying they feel ‘somewhat’ ‘very’ or ‘extremely’ optimistic.
- This figure varies. At the top of the poll is China (69%) and USA (51%) and at the bottom (22% below the global average) is Japan at 22%.
- The UK sits in the middle of the pack at 43%.
- There are also disparities amongst age groups globally with Millennials the most optimistic about their finances (50%) and Baby Boomers the least (just 39%).
- However, our fears for the global economy are more stark. Just 7% of everyone polled said they were ‘not at all worried’.
- This figure is highest in China at 16% and USA at 10%. It is lowest in The Netherlands and Japan where 4% of those polled have no economic fears.
- In the UK it is 6%, and worsens when asked about the UK economy specifically, where 4% say they are not worried at all.
- Globally Gen Z appear to be the least concerned generation, with 12% saying they are ‘not at all worried’ (although in the UK the comparable figure is just 6%).
- We are now a nation of home workers
- The biggest change for the majority has been the switch to remote working, and 67% of Brits are still working from home at least some of the time; this is compared to 56% globally.
- This doesn’t look set to change – as the government recently issued new advice to work from home wherever possible, over 1 in 5 say it is ‘not at all likely’ that they will return to the workplace in the next 3 months.
- We may have lessons to learn from our European neighbours, as Dynata’s research reveals that British workers are lagging behind European counterparts when it comes going out to work – in the Netherlands, Germany and France, 43%, 47% and 52% respectively stated they are ‘going out to work’, compared to just 33% in the UK.