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More than a third of Scots struggle to save for their future, despite nearly half working overtime

39% of employees in Scotland feel their current salaries don’t pay enough for them to meet their financial goals, such as purchasing a house or saving for their retirement.

Work stress photo by Elisa Ventur on Unsplash

This comes from new research by recruitment company, Reed, which also found that 27% of employees in Scotland are unhappy with their current pay. When asked why, nearly two thirds (62%) said it was because it hadn’t risen with the cost of living, and 43% said it was because they felt they did so much more than required for their job role.


The research also highlighted that 45% of workers in Scotland report working over their contracted hours, clocking up an average of 6.9 hours extra per week. 47% of those working overtime in the country say it’s necessary because they have more work to do than working hours in their day, and 42% say it’s because their job role and responsibilities require it.


When asked if they’re compensated for the extra hours they work, only a quarter (25%) of workers in Scotland say they’re paid overtime, 30% said they can accrue their hours, while, alarmingly, more than a third (34%) said they aren’t compensated in any way.


Gillian Dolan, Regional Director at Reed, said: “Clocking extra hours could be a sign of people wanting to prove their worth to avoid their roles being made redundant if businesses are having to make cuts, as they prepare for the National Insurance contribution increase.


“The employment market is tight and, with nearly a quarter of Scotland’s population classed as economically inactive, many employees may feel they need to pick up the slack or work extra hours to account for staff shortages. However, the results show that a third of Scots aren’t compensated for this extra time, so they’ll still be struggling to meet their financial goals.


“It’s clear that Scotland is a country of hard-working people, illustrated in their commitment to their jobs and the extra hours they put in. However, it’s important for workers to ensure they don’t give themselves additional stress or burnout. Reviving Scotland’s workforce and bringing more people into the workforce has never been more important.”


As part of its annual salary guides research, Reed analysed more than 21 million job adverts and asked 5,000 workers across the UK regions a range of questions on their salary and work life. The research also looked at how many hours UK employees work per week and how much they are compensated for it.


Reed has produced a suite of 10 sector-specific salary guides, you can download them here.