A four-day week sounds like the appropriate solution to this problem. However, the biggest question is: Can I afford a 20% pay cut? Patrick Connolly from Chase de Vere, a British independent financial adviser, says: “People who reduce their working week will have less disposable income, so are potentially less able to consider saving and investments.” He also points out that a decrease in contributions to one’s pension has the effect of it taking longer until one has put enough money aside for one’s retirement.
For many people this might seem too much of a sacrifice. But consider that childcare and commuting bills might drop. Or that by earning less one could slip into a new tax category and have just about the same amount of money left as one had during the five-day week. So it’s all about the math, working out the benefits and disadvantages that a four-day week can have for each individual employee.
A recent British government survey found that 57% of workers support the idea of a four-day week, and that 71% think it would make Britain a happier place. Happy employees, happy entrepreneurs - what more could you want?