If you are employed, you are sure to have encountered the value of working harder and longer to make more money and advance your career. But many people do not realise this comes at a cost.
Here are six reasons why working harder or longer might be hurting your life in the short and long term.
1. Increased health risks and medical bills
Health risks from working harder and longer manifest itself later in life. Research shows that working more than 55 hours a week contributes to heart disease, stroke, and a higher number of premature deaths.
According to the AIA Vitality 2019 survey, half of Malaysians are overworked. Lack of sleep from stress contributed to a loss of 73.3 days per employee, due to feeling unwell and absent, and 32% of employees having one or more chronic conditions.
This might have worsened during the pandemic even with work-from-home arrangements – some bosses expect their staff to be reachable at all hours. A survey by Ipsos found that 63% of workers have difficulties finding work-life balance.
These health risks affect your finances as you might be forced to take leave to look after yourself, which could lead to loss of income or the job itself.
2. Higher childcare costs
The more you work, the less time you have to spend at home. Couples who work might have to spend more on their children’s childcare, while those with very small children may have to hire babysitters for longer periods.
If your children are in school, you probably have to spend more on afterschool tuition classes or activities to occupy their time.
And by the time you and your partner get home, both of you are likely exhausted and might opt to get food delivered, which would cost more than cooking at home.
Of course, all of this pales in comparison to the cost of not spending enough time with your children.
3. Less time to build relationships
Working longer and harder means less time to form relationships and connections with others. As social connections keep you healthy, it is wise to take stock of your career and compare its worth to your current relationships.
Ask yourself:
- have you been an involved and present family member?
- how many real friends do you have?
- who among your family and friends knows they can count on you if they need any kind of support?
- how often have you had meaningful conversations with the important people in your life, where you listened more than talked?
4. Higher risk of mental health issues
Mental health issues can develop as a result of working harder and longer. This is particularly concerning as Kuala Lumpur was ranked the fourth most overworked city out of 50 in a recent survey, with 40% of the population fulfilling the criteria for mental disorders.
The reality is, living costs force most people to work harder to make ends meet. Nevertheless, it is prudent to reflect on ways to achieve greater work-life balance for the sake of your mental health.
5. Decreased productivity and efficiency
Working longer and harder can actually make you less productive and efficient. Japan has among the longest working hours but lowest productivity among the G7 nations.
In Malaysia, workers were found to have decreased productivity despite working 15 hours more than their contracted hours per week. Burnout and fatigue kick in when you work longer, affecting the quality of your work.
Sometimes, it’s best to take a break and switch off for the night. When your mind is tired, your body will be, too.
6. Increased cost of living
The longer and harder you work, the more expenses you will incur. You would need to pay more for parking and petrol if you ride or drive to work. Working late means you have less time to run errands that would cut down your expenses, such as cooking instead of eating out.
As you work longer, you might need more healthcare services to deal with illnesses that you are more vulnerable to. You may also need to invest in your mental health with therapy and medication.
This article first appeared in MyPF. Follow MyPF to simplify and grow your personal finances on Facebook and Instagram.
