A new Reinventing the Journey – Financial Services Report by workforce travel platform Roomex reveals that poor travel processes are driving UK financial services staff—especially accountants, auditors, and consultants—to cover expenses out of pocket and consider quitting.
Key Findings
- 76% of financial services travellers use personal funds or credit cards for work trips
- 32% wait over three weeks for reimbursement
- Average unclaimable daily spend: £68.20 on extras like meals and activities
- 70% struggle with limited hotel, transport, or healthy dining options
- 39% report poor work–life balance due to frequent travel
- 23% call for better advance planning to reduce last-minute stress
- 45% want clearer support and guidance on travel policies
- 54% have left or considered leaving roles over travel frustrations
Personal Cost and Delayed Reimbursement
Three-quarters of surveyed financial services employees regularly advance trip costs. Delayed expense processing adds strain: nearly one in three wait more than three weeks for repayment, while out-of-pocket extras average over £68 per day.
Impact on Morale and Retention
More than half of respondents admit travel hassles have led them to exit or contemplate leaving their jobs. Limited accommodation and transport choices, inconsistent expense processes, and last-minute bookings contribute to mounting frustration and declining morale across audit, advisory, and client-facing teams.
“The financial services industry has to scrutinise regulatory detail and cost control every day, yet many businesses within the industry seem to overlook the cost their staff are absorbing when travelling for work. When auditors and relationship managers are front-loading the cost per trip and then chasing reimbursement for weeks, frustration in the workplace will climb, morale slips and high-class talent risk walking out the door as a result.”
— Garry Moroney, CEO, Roomex
Recommendations
Roomex urges financial firms to:
- Review travel policies: Streamline booking, approval, and reimbursement workflows.
- Improve visibility: Implement tools that track spend in real time.
- Enhance choice: Offer a broader selection of vetted hotels, transport options, and meal allowances.
- Automate expenses: Reduce delays with integrated expense management systems.
Roomex provides a free workforce travel platform featuring global hotel inventory, exclusive discounts, and built-in expense control—helping companies cut accommodation costs by an average of 18% annually. For more information and a free trial, visit Roomex.com.
