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08 Jan 2018
by Phil Blows

How to give staff a post-Christmas financial boost

Tis the season to be… stressed!! Despite the general merriment and goodwill of the Christmas season many employees find that financial pressures make it a period of uncomfortable stress and anxiety. According to a survey conducted by Peldon Rose, 54% of UK employees admitted they feel an elevated amount of stress in the lead up to Christmas.

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End of year bills, unrealistic expectations of the latest tech gift from the children and the pressures and expense of catering for an extended family meal can add up to many hundreds of pounds for the average UK household - much of which is not planned in advance with additional saving or cutting back.

This can mean many employees find themselves, for the first time in a year, taking on additional debt or ending the month in their overdraft.

So as a concerned HR or reward professional what can you do to give your employee’s finances a little boost in the new year and help January cash go a little further? 

Make the most of voucher codes

According to a survey of 2,000 consumers by Retail Week and ICM, 83% of adults expect to do at least some of their shopping online. However, many employees we speak to rarely search for voucher codes that can often save up to 20% on the retail price.

Many of these offers can be accessed if staff have a voluntary rewards or flex system so this time of year can be an excellent time to push engagement and communications in this area.

If you don’t have access to this type of service then it is worth highlighting to employees that they can sign up to sites such as www.vouchercodes.co.uk, which will send you discount vouchers and coupons for gift shops including The Body Shop, Hotel Chocolat and Goldsmiths Jewellers. Vouchers can be sent directly to your mobile phone to help you save as you shop.

Another useful source is Groupon where you can find offer of 40-90% off glamorous gifts and experiences such as spa breaks, which could help boost spirits post Christmas. 

Switch bank accounts

Switching bank accounts used to be very difficult and time consuming. However, automated services will now transfer all balances and direct debits at the click of a button. There are also large incentives on offer to switch that can give your employees up to £200 to move their account.

Many accounts are now also set up to give you between 1% and 3% cashback on many of the bills that you pay monthly all of which can really add up to some serious savings in the long term. A great guide to these services can be found at https://www.moneysavingexpert.com/banking/compare-best-bank-accounts#interest

Recycle old mobile phones, DVDs and CDs

Many employees who are struggling to get out of their overdraft in the New Year could look at other sources of cash. If they were lucky enough to get the latest phone, tablet or laptop for Christmas they can send off their old one in exchange for a sum of money.

Mazumamobile.com is one of many websites you can use to sell your old mobile phone. It will pay up to £50 for a fully functional iPhone 5, or £10 for a faulty handset. Music Magpie and Zapper will give you money for your old CDs, DVDs and games. All valuable tips for the cash strapped workforce.

Get your financial planning done early

January is a time when many rest and reflect on the previous year and make many new resolutions. We have found it is also an excellent time to take action on those long term financial savings plans that have been put off for the previous year.

Automated or digital advice solutions are gaining popularity in the workplace and taking the hassle out of sorting your long terms financial planning. These services are gaining popularity as employers launch financial wellbeing strategies that are based around data collection and provable ROI. These services have never been more accessible or affordable and allow employees to feel in control of their finances like never before.

When it comes to helping employees feel in control of their finances a little bit of planning goes a long way. As a reward or HR professional it is your duty to build a culture that encourages employees to look after their own and their family’s finances so that they come to work feeling present, relaxed and focused on the role you need them to perform. 

Phil Blows is director of Wealth Wizards.

This article was provided by Wealth Wizards. 

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