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4 day work week

Journalist: Jane Matthews, FTAdviser

ended 22. February 2023

Hello advisers! 

You may have heard the news today of the success of the world's largest four-day work week trial which took place in the UK (More details here from the guardian - https://www.theguardian.com/money/2023/feb/21/four-day-week-uk-trial-success-pattern). 

I'm eager to hear the views of advice/mortgage firms' (and connected bodies) on this - are firms planning on doing their own trials? Is it something staff have pushed for internally?

Basically, we want to see how widespread the appetite for this is and if firms are taking steps towards it at the moment. Any other additional commentary around it too would be welcome. 

Many thanks, 
Jane

4 responses from the Newspage community

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Riz Malik
Independent Financial Adviser at R3 Wealth
I don't believe the current economic climate in the UK allows for the luxury of a four-day week. We are still feeling the effects of Brexit, and none of the economic data I have seen suggests that we can afford to take our foot off the gas.  The study included 61 businesses. According to the Departments of Business, Energy, and Industrial Strategy, the UK had 5.5 million private sector businesses at the beginning of 2022. The sample size suggests the results should be taken with a pinch of salt.
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Benjamin Blyth
Director at Houz Mortgages
The 4-day week will work well in some industries, but not ours. I'd argue that lenders should be trialling a 7-day week! Not for individuals of course, but have departments open and shift patterns that allow the engine to always be running and improve service levels. There is no reason why these shift patterns can't be 4-day weeks for employees, I suppose. Many broker firms are 'always open' and especially when you consider how many small broker firms (who may or may not be above kebab shops) are operating on a self-employed basis making it hard to ever switch off. I pride myself on being flexible and with a little notice can be available to a client 24/7. Making myself available on an evening means I can be guilt-free on the golf course on a Monday lunchtime. With the flexibility I have on this basis, you can keep your 4-day week!
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Tahina Akther
Barrister and Co-Founder at Wildcat Law
We have truly flexible working with no set hours or fixed office and it works brilliantly for our team. Instead, we focus on tasks that need completing and meeting client needs. That means in practice, our team are able to drop their kids off at school, look after them when they are sick, or see them on sports days etc. They also act as carers for disabled and elderly family members.
We believe that we work with fellow adults and so we treat them as such. They are able to balance their work and family commitments with help and support from us.
I accept that not all industries can work this way but many more service-based roles could and ultimately it would be beneficial for the economy as a whole. Without the flexibility we offer some of our team would not be able to work at all.
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Graham Wells
Founder and Financial Coach at GroWiser Financial Coaching
Stories like this are music to my ears, after all, one of the key drivers to setting up my own business was to enjoy more flexibility. I love the idea of work-life blending, rather than work-life balance, and a 4 day week is a step in the right direction. The idea that we all need to work flat out, 5 or 6 days per week for 40 years before retiring is fast becoming redundant. Life expectancy is increasing and the pace of change continues to accelerate. We need to start thinking about sabbaticals, time out to retrain for new careers and multiple "mini-retirements". The 4 day week allows more time and energy to invest in our non-financial assets, such as health, friends, family, knowledge and skills.