More than two-fifths (44%) of employees have asked for a pay rise this year or plan to do so before the end of 2022, a survey has found.
Nearly one in four (24%) have already asked for a pay rise since the start of 2022.
A further one in five (20%) are planning to ask for an increase before the end of the year, according to research by investment scheme F&C Investment Trust and its manager, asset management group Columbia Threadneedle Investments.
Of those who have or will ask for a pay increase, 44% say it is the first time they have done so in their career.
Day-to-day outgoings should, of course, be prioritised, but for those with additional funds left over, making this money work to the best of its ability will be vital
Beatrice Hollond, F&C Investment Trust
The research also found that men were more likely to say they had asked for a pay rise or will ask for one.
The survey of 2,000 people was carried out in August.
Beatrice Hollond, chair of F&C Investment Trust, said: “Those that have been fortunate to receive a pay rise should think carefully about the ways in which they can put this additional money to good use.
“Day-to-day outgoings should, of course, be prioritised, but for those with additional funds left over, making this money work to the best of its ability will be vital.
“Many of us understandably will have deprioritised or reduced saving contributions in recent months to contend with the rising cost of living, so topping up these savings accounts with any remaining money will be a good place to start, to ensure there is a cash buffer readily available.”
She added that those in a position to lock away money for a longer period may want to consider investments.