With salaries being paid monthly, an extra day in the month means full-time employees in Britain will work for one more day than usual, but without getting paid anything for it. The average Brit earns £34,963 per year, which works out as £134 for each working day in the year (before tax), so this is effectively what they will lose out on.
To put this into context, this amount could pay for 2 weeks’ worth of grocery shopping according to the ONS’s estimate that the average UK household spends £62.20 on their weekly grocery shop.
Unfortunately, there isn’t much that full-time employees can do about the upcoming leap year day, but Kate Steere, savings expert at finder.com, gave this advice for dealing with this issue and savings in general.
“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.
“The banks are competing with each other to lure customers via generous switching deals. Currently, you can get £200 to switch to Natwest or RBS as an example, and it is a lot less difficult than you think. The new bank handles the switch via the Current Account Switching Service, with your direct debits and contacts automatically being transferred over.
“Or if you need a little help saving, you could use free apps like Plum and Chip. They give generous savings rates on easy-access accounts and also let you invest.”