Employees in the UK are effectively lending their employers GBP321 million a month through expenses, to a feeling they are at times acting as a bank to their own employer, according to new research from Conferma, the fintech company specialising in virtual payment technology, which has identified that 36 percent of employees in the UK use their own money to pay for work-related expenses at least once per month, the company said.
The average individual expense claim is GBP72.20.
The problem of reimbursement is a big issue for many, so much so that 33 percent experience personal cash flow issues because of their company´s expense submission deadline.
With over a third (37 percent) of employees stating they had to wait up to or over two weeks to be paid back after submitting a claim, it is unsurprising that cashflow issues occur regularly.
Half (50 percent) of those aged 18-34 said they had less money to spend on personal items in the short-term, correlating with the fact that the average cost of work related expenses was highest among this age group (average monthly spend of GBP76.90).
Almost half of employees in this age range (43 percent) admitted that the combination of these factors caused them stress.
Conferma is a FinTech company specialising in virtual payment technology across all B2B sectors. Businesses use Conferma-powered virtual cards to pay their suppliers in 197 countries.