10 Nov 2023

10 ways to support financial wellbeing in the run up to the festive period

Workshops, a supportive workplace culture and salary advances are among the approaches to help employees worried about money

In these tough times, financial anxiety is increasing across the board as we approach the holiday season. Surveys have shown that 45% of us are planning on cutting back our festive spending budgets by at least £280.

Curbing our outgoings might not be the worst idea. The holiday season is highly commercialised and people put a lot of pressure on buying gifts and spending. Even though we all know it’s more about who you have, not what you have, just over a quarter of us are planning to avoid having friends or family round to save on bills.

People are already worrying about the cost of living year-round. Piling on holiday pressure can start to have a negative impact on our wellbeing, which could run into our family life and relationships.

How can we support additional financial anxiety in the run-up to the holiday season?

1. Open and understanding communication

Encourage open conversations about financial concerns. HR and reward teams should always be available to discuss any financial challenges and offer guidance on available resources. Sometimes things like social media can make us forget that many of us are in the same boat right now. Speaking out about your experiences could well encourage someone to do the same for their own, creating a safer place for people to feel seen and heard.

2. Financial workshops

Organise workshops that focus on holiday budgeting, managing debt and other practical financial topics. These sessions help employees make informed choices and reduce financial stress with tools and resources. These can be outsourced or in-house but can really help put things into perspective for those struggling with additional anxiety.

3. Flexible work arrangements

Offer flexible work schedules or the option for remote work when feasible. This can help employees save time and money during the festive season and protect the most financially vulnerable employees. Flexible working has become the norm in many organisations and helps retain and attract talent and reduce absenteeism and presenteeism. Flexible working helps support wellbeing by giving some control back to people struggling with additional anxiety, such as those struggling to sleep.

4. Mental health support

Provide access to confidential consultations to address employees’ financial worries, receive advice and create a financial plan. Expert guidance can tailor information based on the individual and the resources available. This will help ease anxiety as people will know they can trust the information provided.

Additional access to on-demand mental health support is crucial to helping people cope with rising anxiety. December has been one of the highest utilisation months for Spectrum.Life mental health solutions for the past two years.

5. Supportive workplace culture

Create a supportive workplace environment. We know we must encourage open and understanding communication but organisations should emphasise their commitment to being supportive during this time. For example, you could provide basic lunches throughout December and January to support those struggling with money, who have to commute into the office.

6. Overtime and bonuses

Consider offering opportunities for voluntary overtime or bonuses to help people cover additional expenses where feasible. Overtime and bonus structures must be realistic to avoid burnout and cause further stress or anxiety for your employees.

7. Employee discounts and perks

Many employers provide access to discounts and perks platforms. Truth is, people often forget about them or think they are a hassle to use. Reminding employees what is available and how they can leverage discounts will help budgeting, planning and saving for gifts, travel and other holiday expenses. Why invest in something if your people don’t know how to benefit from it?

8. Emphasis on wellness

Wellness initiatives that focus on reducing stress and promote overall wellbeing should be showcased. Yoga, mindfulness, meditation and other stress management sessions help ease stress and allow us to better control our emotions in times of increased anxiety or distress. Some employer benefits packages have these features already incorporated so it may be another case of shouting from the rooftops about all that is available to support your people during this time.

9. Non-monetary gains

Don’t forget to celebrate the non-monetary contributions of your employees. A heartfelt ‘thank you’, public recognition or simple act of kindness can go a long way to boosting morale during the festive season.

10. Salary advances

It may seem obvious, but salary advances could be invaluable to those struggling with festive finances. A salary advance means people access funds from their current payslips rather than borrowing from a financial provider or bank, which could contribute to higher debt and increased anxiety about rising interest rates. Salary advances help people regain short term control of their finances.