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Working It live — How to get ahead without burning out

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This is an audio transcript of the Working It podcast episode: ‘Working It live — How to get ahead without burning out’

Isabel Berwick
Hello and welcome to Working It from the Financial Times, I’m Isabel Berwick.

[MUSIC PLAYING]

This week, we’re bringing you something a little different. Earlier this month, the FT held its annual Weekend Festival at London’s Kenwood House. There, I had the pleasure of speaking to Dr Audrey Tang, a chartered psychologist and award-winning author.

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Audrey’s work looks at practical tools for wellbeing. We sat down for a session called How to get ahead in your career without burning out. So if you want to learn how to take better care of yourself at work, how to spot when a colleague is near breaking point and what the most resilient professionals have in common, sit back and enjoy.

[MUSIC PLAYING]

Well, hello, everyone and thanks for spending lunchtime with us. I’m Isabel Berwick. I’m the host of the Working It podcast. I write a newsletter for the FT of the same name, and I recently wrote a book called The Future-Proof Career. And I’m delighted to be here in this session sponsored by Pearson Business Book Club. And I’m gonna be talking to Dr Audrey Tang about how to get ahead in your career without burning out. No biggie, Audrey.

Audrey is a psychologist. She’s a broadcaster. She’s the author of several books, including The Leader’s Guide to Wellbeing and another one to Resilience, isn’t that?

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Dr Audrey Tang
Yes, Leader’s Guide to Wellbeing, Resilience and Mindfulness; Head Heart Gut trilogy.

Isabel Berwick
She’s also a theatre writer and performer, and she’s brought props today. So this is not gonna be your average discussion. So I’m gonna crack on. Audrey, it’s so great to be here. We’re here to talk about thriving in our careers without burning out. But before we start, can we just define what is burnout? Because I read an awful lot of rubbish about burnout.

Dr Audrey Tang
Yes. Burnout generally is when we are so emotionally, physically and socially exhausted, usually ascribed to work that we cannot function whether it’s with our friends or whether it’s in the workplace. Even if we want to, we just can’t do it. It affects our day-to-day living.

Isabel Berwick
OK. So it’s actually . . . It is quite a serious condition, isn’t it?

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Dr Audrey Tang
It’s not just a little bit of stress. I mean, an old model of stress was as soon as you’ve triggered the stress, the alarm goes off and you get into a state of resistance. And that’s like the elastic band going out here. But of course, if you stretch it and stretch it and stretch it, that resistance gets too much, and either the band breaks or it goes completely flaccid and you can’t do anything with it. It doesn’t function as a band any more. That’s burnout. It’s when you physically can’t do it. And even with the best will in the world, you often have to get medical intervention to support you.

Isabel Berwick
So that’s the end result we don’t wanna get to.

Dr Audrey Tang
You don’t.

Isabel Berwick
Now, what strategies do you advise senior leaders to employ to keep afloat, you know, when they’re under such pressure and always overwhelmed, actually?

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Dr Audrey Tang
Yeah. Well, the first thing — I know it sounds so obvious — is seek support, seek help. But the problem is, if you seek support and help from your families, what you often get is told, oh, just leave. Just don’t do it any more. But you don’t want that.

So sometimes it’s best to seek support or help from a mentor or somebody who understands you at your level. The other thing is, recent research has come out of the University of Zurich by Dr Lauren Howe and she talks about how when leaders reach out for help and then tell their teams, this is what’s worked for me, more people are likely to take up that help compared to just it being anonymous or it being free or any of those other incentives that you might have. So the leader role-modelling having that support makes a difference.

Isabel Berwick
So the leaders can model . . . (overlapping speech)

Dr Audrey Tang
Absolutely.

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Isabel Berwick
But you talked a little bit there about leaders saying I’ve sought this help.

Dr Audrey Tang
Yeah.

Isabel Berwick
I mean, vulnerability is all well and good, but the reality is that their teams might judge them. So how does one find that balance?

Dr Audrey Tang
It’s not easy. So you do have to start by doing it. So reaching out, asking for help rather than taking all on — because if you break, if that band snaps, who else is going to do that work? But it’s not easy for that person.

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However, you need to think about what sort of organisation do I want to be leading because the organisation will take on the persona and behaviour of the leader. You will see it, you will go into an organisation and you will see if everybody’s very, very stressed, you can tell where it’s gonna come from. Because often, without necessarily saying this is why you must do the work, if people are feeling pressure, they will pass pressure on to somebody else.

So it has to start from the top. And if you want to lead an organisation that will ask for support, you need to start to model that.

Isabel Berwick
Oh, and so we have a question here at the front. Have you got a mic?

Audience member 1
Thank you. And my question is, if you’ve inherited a team, how do you then deal with that? Because those traits, as you mentioned, are already passed down from that previous person on to the team, so it’s changing a subculture of a team.

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Dr Audrey Tang
It really is. Don’t go in there and try and change everything right away because you’re going to be met with resistance. But if you go in and match what’s going on, just see, have a look how are they functioning. Pace along with them. OK, that’s what happens here. That’s when you can start to change the direction.

You see it in an aerobics class, for example. If you go in and suddenly change the moves, the whole class gets confused. But if you get everyone marching on the spot and then change the moves and inform people this is what you’re doing, and don’t throw every single (inaudible) at the same time, you’re more likely to get the changes. But it’s gonna take time.

Isabel Berwick
OK. I like that. So, Audrey, you write a lot about resilience, which is a particular bugbear word of mine, and wellbeing, which is another bugbear word of mine.

Dr Audrey Tang
Great.

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Isabel Berwick
So what do those really mean? What is a practical way of putting those into practice? And how can we use them in our working lives?

Dr Audrey Tang
Well, let’s use the WHO definition of it, which is being able to function in our day-to-day lives. We can solve problems, we can have healthy relationships, we can engage in work — all of those things in a positive way. That’s what the WHO says for wellbeing.

When it comes to resilience, the research actually suggests that what happens when adversity occurs is that you can either just completely get injured and taken out by it or you can get through, but have those injuries or you can bounce back.

Or — the fourth category is what we wanna aim for — is all of those adversities will have made differences in your persona, differences in the way you function, to allow you to go further, to spring forward and to thrive.

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If you have plain sailing all the way through, how do you know that you’re gonna be able to cope? But if you’ve actually had to overcome something, what happens is you then have a new network, you have new strategies, you have new coping mechanisms, and you’re able to not only come back to where you were, but actually go forward — which is where I take resilience from.

It’s about thriving. It’s not just about bouncing back, which also sounds a bit negative, but going forward.

Isabel Berwick
OK, so we can take the bad stuff that happens to us in our careers and actually have some sort of growth? Is that the right word?

Dr Audrey Tang
Yeah, absolutely. And you will find new ways of working and new ways of coping, because if you have asked for help or if you’ve discovered things for yourself, those changes will support you.

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Isabel Berwick
So where do you stand on the issue of . . . I mean, this is the thing. I have the problem with where companies give a lot of resilience training and they’ve sort of put it all on the individual, whereas often it’s a structural issue with overwork or a badly organised company. How can you protect yourself against the dysfunctional organisation?

Dr Audrey Tang
In terms of protecting yourself, you do need to build up your own, I guess, buffer to stress. Positive psychology would suggest — and positive psychology is not an alternative therapy or anything like that — but positive psychology would say, is if you build up things that boost your mood, that can actually build a buffer to stress. Those things can also reduce cortisol when you’re facing the stress, which means that you can come down from the stress a lot more easily.

The building up your own resistance, building up your own buffer or toolkit of positive experiences can make a huge difference for individuals. I was gonna save the other answer till the very end, but given that you’ve brought it up now, I’m gonna give this one now. And this is about the structural issues.

This is a new part of psychology. It’s known as psychosocial safety, psychosocial safety. And it’s a research (inaudible) is doing this right now. Psychosocial safety is like taking a health and safety approach to psychological wellbeing.

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Let me give you an example. You go into work and you fall down a hole. OK. What do they do? Health and safety comes in and they fix the hole. Health and safety does not come in and say, oh, well, let’s not . . . instead of going to the root of the problem, let’s teach you how to walk around a hole. Let’s teach you how to get out of the hole. No, they don’t do that. They fix the hole. It’s the same thing.

If you build up your own resistance, that is only part of the story. What you do actually need to do is look at the toxicity or the environment that’s caused the problems in the first place, and that’s what psychosocial safety is all about. It is about getting leaders in organisations to understand that there may be systemic and structural issues as well that are causing the problem and treating it like a health and safety.

Isabel Berwick
Hear, hear. Let’s hope. So what are some of the most common unhealthy behaviours you see in terms of people that you consult with, or companies, you know, that . . . what are the flashpoints that could lead to burnout, collapse, that kind of thing?

Dr Audrey Tang
One of the most common things that people think when it comes to feeling stress and burnout is that person will go and behave out of character. So that is something that will happen. They have a certain baseline. Suddenly they start volunteering for everything or volunteering for nothing, depending on what their baseline is.

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But having spoken to a lot of workplace psychologists, especially those who work with men, withdrawing is the key thing — going silent, not talking to anyone, keeping their head down. And that’s something that we don’t always look out for because we might think, oh, well, they’re just getting on with it and they’re actually not.

So having the support available and making sure everyone knows the support is there, it’s accessible and the leader modelling that they’ve used it can be the most helpful there. But it is recognising anything that goes against the baseline, but importantly also especially for men and sometimes women as well, the withdrawal is a big thing to look out for to support.

Isabel Berwick
That’s really interesting because I’ve done a bit of work around loneliness and that is particularly an issue for men, is it not? And that’s something that isn’t talked about very much and I would like people to talk about it more.

You know, women are not equal in the workforce, but that doesn’t mean to say we shouldn’t talk about men. And I get this all the time and I don’t know, on LinkedIn, you might see people posting about men and loneliness and people will say, but you know, but what about women and their problems? And actually, these are not, you know, problems and it’s not a hierarchy of problems.

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Dr Audrey Tang
No, not at all. And it’s also a case of it’s not men are like this and women are like this. If you talk about issues and you’re there and you’re known as somebody who is a safe person to come and talk to, people will come and talk to you.

Isabel Berwick
Right. Thank you. We had a question here at the front.

Audience member 2
Hi there, thanks. How do you think the move to more sort of distance working and working from home, how do you think that has impacted some of these things? I mean, you touch on kind of loneliness and I always worry about new members of staff coming into the workplace. I’m just interested in your thoughts on that.

Dr Audrey Tang
Yeah. The problem with the pandemic is that it’s not just a case of, now some people are working from home, some people aren’t. You’ve got to actually go back to the fact that a lot of, it was my third year students at university were having lessons from home that whole year. The master’s students then went into another year of working from home, and then they went into a job where people were, they only recognise them by their eyes. So it’s a real problem that’s actually, it goes further than just working from home. However, saying that, what working from home has done is it has helped, it’s known as the second shift and it is usually women, people who are doing the household chores, the other looking after the children, because people have been able to find some flexibility. It’s not that working from home is all bad.

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So we’ve got to be aware of who needs what. One of the key things I would say, and it’s a structural thing, is if you are working from home, make sure you’ve got the technology to be able to do it, because otherwise that impacts stress. And if you are bringing people into the office, make sure there’s a reason why they come in. Because if they’ve come in and all they’re doing is sitting in their own offices on a Teams meeting, that’s not productive. So it changes the way of working in general, but it means that things that were working before maybe have to be adapted and we have to be open and listen to people who are actually going through it.

But when you talk about helping and supporting people, we’ve got to remember, take it back a little bit further than just working from home right now. They’ve been affected by the pandemic in lots of different ways.

Isabel Berwick
So let’s flip it and talk a bit more about success, you know? Longevity at the top. A lot of people here will have very senior jobs. Are there characteristics that you see that are common to people who survive and thrive at the top?

Dr Audrey Tang
Definitely. We all know learning from failures, but how many people learn from successes? Back in the 80s, Forbes wrote a brilliant paper on why leaders don’t learn from success. And this rings true today. When you fail, you go away, you lick your wounds and then you come back and learn from it. Great. Everyone understands that. But when you succeed, we don’t think about it. However, what this article says and it’s something that’s just. . . 

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It can be distilled into two points. If you look at that success and the first thing you do is think about, well, how much of that was down to me and my team? That gives you something very, very useful because it could have been, you know, the stars just aligned. It could have been luck. It could have been the social surroundings. So many things could have impacted that success. How much of that was down to me? That’s the first question. Or my team or my organisation, my input.

And the second question is how much of that therefore is replicable? And that’s where you can then start saying, so next time we need to do this, this and this. It’s not a case of going, I succeeded, now I need to have a postmortem for it. But it is a case of saying, I’ve succeeded, learn something from that. And that’s what leaders who spend a long time at the top are able to do.

The other thing is they often focus on strengths rather than skills. And this is something for all us individuals out here as well. We have both strengths and skills. And again, this is a positive psychology term they use. Skills are things we’re very good at, and we learn to be better at, and we often get promoted on, but they exhaust us. Strengths are things where we just do them and they energise us. And so if you can draw up just two columns, strengths versus skills and look at them and decide which ones are your strengths that you get a lot of energy from and which ones you’re really good at but you really don’t enjoy. Try to embed a few more strengths in. Don’t just get promotion on your skills.

Isabel Berwick
So you mentioned there sort of the postmortem when something’s gone well, how would you view the use of praise? Because this is something I think we don’t talk about enough. And I’m interested to hear your view on how should leaders or indeed anyone, a manager, use praise?

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Dr Audrey Tang
I actually say use it as authentically or as natural to you as possible. So really find something significant to praise. And a little psychological tip: if you praise something, they’re more likely to do it again. So praise the thing you want them to do again but look out for it. What it really comes down to is observing your team, observing other people.

It’s the same thing with burnout. How do you know whether somebody is behaving against their baseline if you don’t know how they behave in the first place? Let’s stop having the blinkers on and actually start interacting with each other and connecting with each other again.

Isabel Berwick
Thank you, Audrey. I’m going to take a break, though, as anyone got a question? Yeah, in the middle here.

Audience member 3
Hi. Yes, thank you. Very interesting. Two questions. One is, what is your take on toxic positivity? And second one, what are your tips for people around those who have a burnout? How to deal with that? What. . . How to handle it?

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Dr Audrey Tang
When it comes to toxic positivity, you’ve got the type of person who just goes, Yeah, that’s fantastic. Look at the silver lining. That is not helpful. What that does is it invalidates what that person is feeling or thinking. So even though what comes across is toxic positivity comes from a place of love, it may not be helpful. So I’m going to give you an alternative as to what to do instead.

The example I often see is someone will come up to a friend and they’ll say, oh I’m so stupid. And then you as a friend will want to help them and you’ll say, no, you’re not, you’re lovely, you’re amazing, and you’re going to list all of those things that make that person amazing that you can see. And all that’s done is that has invalidated that person’s right to feel a bit rubbish right now. It is OK to feel a bit rubbish right now. So the best thing you can ask is why? I’m really sorry to hear that. Why? Don’t try and make it better. That’s toxic positivity. Don’t try and make it better. Ask why.

Isabel Berwick
That’s a mistake managers make all the time.

Dr Audrey Tang
Oh yes. We love running in and fix things. If you’re a parent, you’re going to fix things because it’s two things. One is it’s quicker if I do it. And the second is, I want to help you. But you’re not helping anyone. You will empower that person if you say to them, OK, what have you tried? What options have you got? And by asking those questions, like asking why, your support when you do give it, if you do give it, is going to be meaningful. Because otherwise what will happen is you’re going to fix everything is you’ve got somebody who has this problem and then you go, all right, do it like this. And they may have tried that. It doesn’t work for them and that’s not helpful.

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It’s the same thing as saying to a depressed person, oh just pull yourself together. Oh that’s nice, how? And if you don’t understand the depth of how that person is feeling and you don’t validate them either, that’s no help to them.

Isabel Berwick
And what about their tips on, so let’s say we’ve got to the end of the road.

Dr Audrey Tang
Yes, sorry and burnout.

Isabel Berwick
Burnout, yeah.

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Dr Audrey Tang
Yes. Reach out again. Just it is. . . I know it’s so simple to say, but so hard to do. It is about asking and it’s about asking even. Where did you go to get help? But even before that, it’s about recognising that you’ve got the problem in the first place. So that means if your friends do actually say to you, is something going a bit funny with you, are you OK? Listen to them. Don’t push them away because we want to do that and we want to tell everyone everything’s fine. It’s so hard to make the offer in the first place, see it as an opportunity, just take it away and reflect.

So recognise it in yourself, know what your baseline is, and try and stop burnout from getting there in the first place. And if you are already there, it may just be a case of asking for help and asking someone perhaps to accompany you for help just to have that moral support.

Isabel Berwick
Yeah, and often total rest actually, isn’t it? You do have to stop work or. . . 

Dr Audrey Tang
Rest is not a bad thing.

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Isabel Berwick
Yeah, no. Right, I saw a hand, a white sleeve up at the back. That’s all I can see.

Audience member 4
Well, just a quick question. Don’t you feel, at least what I’m observing in my workplace, is that we use or employees, colleagues, burnout as an excuse. Don’t give me more work. Don’t give me feedback. Don’t try to discuss my approach in work. I will get in burnout or I’m on the verge of burnout. How do you deal with this environment?

Dr Audrey Tang
If somebody is burned out, as I said, it’s total exhaustion. We’re not just a little bit stressed, they’re completely exhausted. In The Leader’s Guide to Wellbeing, one thing that I’ve suggested in there is actually instead of just your 360 appraisal, ask people for ways in which they recognise when they’re not coping, the strategies that they can use, who you can go to, who . . . how they can support themselves. It’s like almost having a bit of a crisis plan. But everyone will have an individual one.

And this prompts people to think about, OK, if I’m feeling like that, what do I do? And in that appraisal, which is the general how you’re doing at work, you can bring in that wellbeing aspect as well. But we’re not doing that formally enough. We’re just hearing mental ill health and then getting scared. But if we actually have the open discussion and demonstrate, OK, so when I’m feeling on the verge of being very, very stressed, I will close down or I will actually go out partying or whatever it is. If you understand what you do yourself, and you can convey that to another person and then you can say, and these are the things that will help me.

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That is what psychologists do for people who have been undergoing depression treatment, anxiety treatment and so on. Why can’t we use that in the workplace? It’s about getting us to become more self-aware and use that in order to help ourselves. So it’s just one option. But that’s one thing I would suggest is just to say, to get people more aware of how they feel and what they can do about it.

Isabel Berwick
Yeah, not just saying, right, we’ve got time for one more question. OK. On the end here. Yeah.

Audience member 5
Hi, Audrey. I just noticed on the (inaudible) we have, like, you know, we’ve been given books about difficult people. So that’s my question. What if the burn out is because you’re working with a toxic boss? What can you do short of just changing jobs?

Dr Audrey Tang
Sort of leaving. That’s a really difficult one because it’s a case of is anything actually going to change? And if you can’t change it from within, there does come a point where you do have to look after yourself first. I think a lot of this is down to how you react to them. There’s. . . Sometimes it’s a case of how we respond because their behaviours are triggering something in us, in which case there is something that we could fix.

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However, there’s a whole area of research on something called Mad, Bad and Sad organisations, and that’s where toxic organisations can be mad, which is this whole thing about. . . It’s a very narcissistically in a Machiavellian way, almost psychopathic. Bad, which is sociopathic. Or sad, which is just a bit, I can’t be bothered to do it. So if that’s the case and there is nothing you can do unless you really, really value that job, then unfortunately the solution is to change jobs.

But then I would always ask first, why is that person triggering me? What is triggering me? And what, if anything, can be done. So look at it that way first. And that’s where I would say talking to a mentor or somebody who is on your level or has the same experience as you, and maybe they’ve dealt with it in their own capacity rather than friends and family can be the most helpful.

Isabel Berwick
Great. I’m afraid we’ve run out of time. Audrey, thank you so much. I hope you’ve learned something. I certainly have.

[MUSIC PLAYING]

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This episode of Working It was produced by Mischa Frankl-Duval and mixed by Simon Panayi. The executive producer was Manuela Saragosa, and Cheryl Brumley is the FT’s global head of audio. Thanks for listening. 

[MUSIC PLAYING]

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No-alcohol drinks could be a tonic for NHS budget

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Banker all-nighters create productivity paradox

Lex highlights a bone of contention for those of us who have gone alcohol-free (“It is all beer and skittles in the no-alco­hol drinks space”, September 23). Despite the advances in sales and taxes levied on alcoholic drinks, there is still a negligible price difference between no-alcohol drinks and their alcoholic equivalents.

Alcohol accounted for more than 10,000 UK deaths in 2022 and 343,000 hospital admissions. Given the NHS funding crisis, a sensible measure would be to work with manufacturers and retailers to incentivise and, if necessary, subsidise the production of no-alcohol drinks to make them discernibly cheaper than alcoholic ones. This would deliver sustainable savings to the NHS budget and improve overall health outcomes.

Milo Brett
London N15, UK

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Map reveals nine best places to live where salaries are higher than living costs and you can save £1,000 a month

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Map reveals nine best places to live where salaries are higher than living costs and you can save £1,000 a month

SAVING money for a rainy day or big purchase is no easy feat at the best of times, let alone when you’re battling against soaring bills with stagnant wages.

By the time food and household costs are met, many of us have barely anything left at the end of the month to save

Saving cash is easier if your

1

Saving cash is easier if yourCredit: Getty

However, if you can bring your earnings up and the cost of living down, you will start to increase your disposable income which can be used for savings.

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It sounds easier said than done, but the cash you earn each month, as well as living costs are heavily influenced by where in the UK you live.

It means that if you choose your location wisely you can start to increase the gap between wages and costs for the better – giving you more free cash to put into savings.

There are nine locations in the UK where the amount you’re paid is on average at least £1,000 more than living costs – see map above – according to research from property site Compare My Move.

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The location with the highest gap between the cost of living and earnings is York.

The cost of both buying or renting a flat in the historic city  is low compared to other parts of the UK, and you can get on to the property ladder for around £198,093, found Compare My Move.

At the same time, the cost of living comes in at £1,415 while average earnings after tax are £2,846, leaving £1,431 of disposable income each month. 

Even if the cost of living is relatively high, you can still save if salaries are higher.

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For example, in second place is Cambridge where the average salary is a bumper £3,143 while the cost of living is £1,829 meaning there is still £1,314 leftover.

And in third spot is Reading with the highest employability rate of any city or town in the UK with 86.1% of its residents in employment, according to Compare My Move.

In the South East, means buying a flat is more expensive than other locations at a typical £227,525. However, the average salary is competitive at £2,909 after tax, while the cost of living is £1,714 meaning that disposable income is still high at £1,195.

Wigan, Derby, Bolton and Glasgow are among other spots where there is a sizeable difference between earnings and costs – and some of the most underrated spots in the UK for young adults, according to Compare My Move.  

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Of course, your earnings in any location will depend on other factors such as the job you do and the company you work for.

However, you can use job sites to see advertised salaries in your field across different locations and compare with your current earnings.

Costs will also depend on exactly where you choose to live but you can use a property site to look up rent or house prices in different locations to try to gauge how to create a bigger disposable income in your budget.

Switch bank accounts for free perks

SAVING £1,000 A MONTH

If saving to buy a home is an important achievement for you, living in one of the locations on the list could help.

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Putting away £1,000 a month after a year would give you £12,000. And after three years you could have £36,000 – enough for a 10% deposit on £360,000 property.

If you are going to start saving, it’s also important to keep your cash in a spot where it will earn the highest interest.

It’s also important to be able to access at least a month or two’s worth of income in an easy access account for emergency situations – such as a job loss.

You can currently earn as much as 5.2% in an easy access account with Ulster Bank if you have at least £5,000 in savings – you will earn 2.25% if you have less than that.

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Or for smaller sums from £1 you can get a rate of 4.84% with app-based provider Chip.

On a lump sum of £12,000 you’d earn £580.80 worth of interest after a year at a rate of 4.84%.

Opting for as high rate of interest as possible helps you to achieve your savings goals faster. It also stops inflation eroding the value of your nest egg.

If you want to save regularly, you can rates of up to 7% with first direct. You will need to hold a current account with the bank but can then put away up to £300 a month over a year at the top rate.

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How you can find the best savings rates

If you are trying to find the best savings rate there are websites you can use that can show you the best rates available.

Doing some research on websites such as MoneyFacts and price comparison sites including Compare the Market and Go Compare will quickly show you what’s out there.

These websites let you tailor your searches to an account type that suits you.

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There are three types of savings accounts fixed, easy access, and regular saver.

fixed-rate savings account offers some of the highest interest rates but comes at the cost of being unable to withdraw your cash within the agreed term.

This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account.

Some providers give the option to withdraw but it comes with a hefty fee.

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An easy-access account does what it says on the tin and usually allow unlimited cash withdrawals.

These accounts do tend to come with lower returns but are a good option if you want the freedom to move your money without being charged a penalty fee.

Lastly is a regular saver account, these accounts generate decent returns but only on the basis that you pay a set amount in each month.

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Starmer speech

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‘There’s light at the end of the tunnel but not much else’

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I won £166K People’s Postcode Lottery win but husband won’t get a penny… he has his begging letter written

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I won £166K People's Postcode Lottery win but husband won't get a penny... he has his begging letter written

A GREAT gran who won £166,666 says her husband will have to write a “begging letter” if he wants to see a single penny of it.

Gill English landed the cash on People’s Postcode Lottery in Rugby, Warwickshire – and is now planning a slap-up carvery dinner for her big family.

Gran Gill is left shocked by the size of the cheque

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Gran Gill is left shocked by the size of the chequeCredit: postcodelottery
Neighbour pals Gill (left) and Pauline are planning a postcode party

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Neighbour pals Gill (left) and Pauline are planning a postcode partyCredit: postcodelottery

The retired carer also said she is prepared to buy her hubby a new pair of shoes – but only once shes sees his “begging letter”.

Gill said: “Oh my God! Flippin’ heck! I’ll take the family to a carvery. I also said I’d buy Kev a new pair of shoes.

“He’ll have the begging letter written!”

Retired chauffeur Kev laughed: “I’ve already written the begging letter.”

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The couple are both recovering from cancer.

Kev had melanoma and Gill is still receiving treatment after having part of her right lung removed.

But Gill said they are more interested in helping family – including her three sons, eight grandchildren and nine great grandchildren – than treating themselves.

She said: “I love buying presents and love doing things for people. It’s lovely when you feel you have done something for somebody.

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“I love giving. I get great joy out of it. If you’ve got money, you’ve got it. If you haven’t, you haven’t.

“I’m not money motivated, but I am now! This is so lovely. Thank you.”

Winner’s Fear: £150k Postcode Lottery Surprise!

Gill also revealed she hadn’t told her hubby that she played Postcode Lottery until she got the call to say she’d won.

She said: “Kev didn’t know I even played; I don’t tell him everything. I hadn’t told anyone except my youngest son.

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“I’ll never get any sleep now just working it all out.”

Kev said: “It wasn’t a secret, she just never told me.”

How to enter the People’s Postcode Lottery

  • The Postcode Lottery is a subscription-based lottery in which players sign up with their postcode.
  • Your postcode is your ticket number – 40p a day ensures entry into all drawers, or £12 a month.
  • Once subscribed, they are automatically entered into every draw.
  • Prizes are announced every day of the month.
  • If your postcode gets luck, every player in your postcode wins.
  • 33 per cent of the ticket price will go to charity that is re-funnelled back into the community.

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Burrito chain listing gives rare dose of spice to Australia’s IPO market

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The number of companies going public in Australia is at its lowest since the global financial crisis 15 years ago, leaving a Mexican fast-food chain as the biggest listing in a market once buzzing with new mining and energy stocks.

The 12 initial public offerings so far in 2024 on the Australian stock exchange have raised just $371mn, according to data provided by LSEG, the lowest year-to-date levels since 2009 and little more than a quarter of the historic average since the turn of the century.

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The dearth is being partly blamed on Australia’s uncertain economic outlook. Growth has faltered and interest rates have been kept high to tackle stubborn inflation.

Also to blame is voracious competition from private capital for assets, exemplified by the A$24bn (US$16bn) takeover of former IPO candidate AirTrunk by Blackstone this month.

Larger companies have paused potential floats hoping for more stable conditions, said Marcus Ohm, a partner at HLB Mann Judd, which compiles an annual report on Australia’s new listings market. “There’s no certainty” on valuation, he said, adding: “It’s a cyclical market and it’s been a bit of a ‘wait and see’ mentality.”

Steven Marks wearing a black and yellow GYG hoodie
Steven Marks, who previously worked at hedge fund SAC Capital, co-founded Guzman y Gomez with a childhood friend in 2006 © Brent Lewin/Bloomberg

The only listing of significant size this year has been of burrito chain Guzman y Gomez, which raised A$335mn at a valuation of A$2.2bn in June. The chain was founded by New Yorkers Steven Marks, who previously worked at Steve Cohen’s hedge fund SAC Capital, and his childhood friend Robert Hazan, who spied an opportunity to build a Mexican-themed fast-food chain in Australia in 2006.

The market capitalisation of the company, which also operates in Japan and the US, has rapidly risen to A$4bn as investors have bought into its growth plans. That has encouraged some other companies to dust off their listings plans.

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A more esoteric IPO is expected from Western Australia’s Good Earth Dairy, which wants to turn wild camels’ milk into ice cream and baby formula. Having called off listings in 2020 and 2022, it has started talks with potential cornerstone investors, hoping to raise A$20mn.

Milk from Australia’s 1mn feral camels has fewer allergens than other dairy products and could be used in exports to China and the Middle East, according to chief executive Marcel Steingiesser.

Yet ASX, the stock exchange operator, needs a bigger pipeline of larger companies to follow in Guzman y Gomez’s wake.

The lack of IPOs comes despite a surge in Australian equity markets, with the ASX benchmark index hitting record highs this week.

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It is also at odds with the huge demand for investable assets from institutions including Australia’s A$4tn pension fund sector. Aware Super, the country’s third-largest pension fund, acted as a cornerstone investor for Guzman y Gomez.

James Posnett, general manager of listings at ASX, said demand from institutional investors was “the loudest it has been” in his 12 years with the exchange.

The ASX also pointed to a string of capital raising by listed companies as a testament to the strength of investor appetite. NextDC, a data centre rival to AirTrunk, has raised A$2.7bn in the past 18 months by issuing new shares. “There’s a lot of money looking for a home,” Posnett said.

A slump in prices of commodities including lithium has stemmed the usual steady flow of small-cap mining listings, although CleanTech Lithium — which operates in Chile and is already listed on London’s junior AIM market — is to raise up to A$20mn with a secondary listing in the coming weeks.

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Rob Jahrling, head of equity capital markets at Citigroup in Sydney, said institutional and retail investors were keen for the IPO market to reopen after a number of large listed Australian companies — such as technology company Altium — were taken over and delisted in recent years. “There’s not enough listings to redeploy that capital,” he said. “The universe has shrunk.”

Significant activity is not tipped to pick up until later in the year or early 2025, when the bigger listings are most likely to be by companies that have halted floats in recent years due to market conditions.

They include payments company Cuscal, which is partly owned by Mastercard, and airline Virgin Australia, owned by Bain Capital, have both been tipped to revive stalled IPO plans before the end of the year by investment bankers. 

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Karen Chan, a fund manager at Perennial Private Investors, said Guzman y Gomez’s strong performance had “piqued the interest” of shareholders looking for brands with global potential. “The IPO option is now on the table,” she said. “There is demand for high-quality companies.”

Jahrling also said the success of Guzman y Gomez provided “a blueprint and confidence” for other companies. But he added that competition from venture capital, infrastructure funds and pension funds to invest in high-growth companies could yet intensify, as was the case with AirTrunk. “I don’t think that [competition] is going away,” he said.

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Exact animal to spot on sought after King Charles III 50p coin worth up to £41

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Exact animal to spot on sought after King Charles III 50p coin worth up to £41

IF you pay close attention to your change, you might spot an animal on your King Charles III 50p that could make it worth more than £40.

Coins with a distinctive design could be worth a small fortune because very few make it into circulation.

The King Charles III Atlantic Salmon 50p can be worth more than £40

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The King Charles III Atlantic Salmon 50p can be worth more than £40Credit: ROYAL MINT

For this reason, they are very attractive to collectors who are sometimes willing to pay large sums in exchange for one.

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One of the most current sought-after coins is the King Charles III Atlantic Salmon 50p, which first entered circulation on November 2023.

The coin was one of eight new special varieties released by the Royal Mint, reflecting the King’s passion for conservation and the natural world.

Despite an estimated 500,000 Salmon 50ps entering circulation in, collectors have been finding them hard to come by, according to ChangeChecker.

The coin is marked with an engraving of salmon fish jumping out of Atlantic ocean water.

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It has become much harder to find in change, and prices on online marketplaces such as eBay and Amazon have continued to rise.

Copes Coins previously told The Sun that Atlantic Salmon 50p could become “one of the rarest coins to enter circulation in the last 15 years”.

You can make money from these rare coins by selling them at auction, either online or in person, or through a dealer.

The Sun found that one of these coins recently sold on eBay for £41 on September 22 with 13 bids.

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Another sold for £25 on September 20 with 18 bids.

How to spot a 50p worth £50 and mule 20p that sells for £30

On September 11, one of these coins sold for £28 with nine bids.

The price of a coin varies based on things like demand at the time and how common it is.

It’s important to remember that you aren’t guaranteed to fetch huge amounts if you do choose to sell your change.

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Sometimes you’ll get better individual prices if another enthusiast needs your coin to complete their collection.

Anyone can list a coin on eBay and charge whatever amount they wish, but it’s only ever worth what someone is willing to pay.

By checking the recently sold items you will get a more accurate indication of what people are willing to pay for a specific coin.

What are the most rare and valuable coins?

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How to sell a rare coin

If, after checking, you realise you’ve come across a rare coin, there’s a number of ways you can sell it.

You can sell it on eBay, through Facebook, or in an auction.

But be wary of the risks.

For example, there are a number of scams targeting sellers on Facebook.

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Crooks will say they’re planning to buy the item and ask for money upfront for a courier they’ll be sending around.

But it’s all a ruse to get you to send free cash to them – and they never have any intention of picking your item up.

It’s always best to meet in person when buying or selling on Facebook Marketplace.

Ensure it’s a public meeting spot that’s in a well-lit area.

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Avoid payment links and log in directly through the payment method’s website.

Most sellers prefer to deal with cash directly when meeting to ensure it’s legitimate.

The safest way to sell a rare coin is more than likely at auction.

You can organise this with The Royal Mint’s Collectors Service. It has a team of experts who can help you authenticate and value your coin.

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You can get in touch via email and a member of the valuation team will get back to you.

You will be charged for the service, though – the cost varies depending on the size of your collection.

Meanwhile, you can sell rare coins on eBay.

But take into account that if you manage to sell your item then eBay will charge you 10% of the money you made – this includes postage and packaging.

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The design of the coin, its condition and whether or not the coin is in circulation also affects how much it could be worth.

You can easily figure out how rare a coin is, by checking its mintage figures.

This relates to how many coins were produced by The Royal Mint.

If a coin has a low mintage, it means there are fewer of them in circulation and is therefore rarer and it could potentially be worth more than its face value.

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But remember a coin is only ever worth what someone is willing to pay at the time.

Either way, you’ll want to keep an eye out for some in particular which can sell for big numbers.

A rare Blue Peter Olympic 50p has been flogged on eBay for £205 in the past.

The coin shows an athlete doing the high jump and was drawn by nine-year-old Florence Jackson after winning a competition on the kid’s TV show.

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Plus, one seller managed to pocket a whopping £63,000 flogging his Battle of Hasting’s 50p too.

So-called ‘error coins’ tend to be worth a lot too, because there’s rarely more than a few thousand of them in circulation.

One 50p that was mistakenly struck twice sold for as much as £510 on eBay because it was rare.

It’s not only 50ps either – a rare error 10p coin sold for over 1,000 times more than its face value on eBay in the past.

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Likewise, there are several rare £2 coins in circulation which could be worth just under £50.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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