It’s only 5 weeks now until Christmas 2017, and according to research the average British family will spend more than £800 celebrating Christmas. What’s more 35% will borrow money to pay for gifts, and 23% will borrow to pay for food.1
This can cause all sorts of issues when faced with the prospect of a large credit card bill, additional interest payments and most of January’s salary spent before it’s even paid. In fact, in 2015 Money Advice Trust reported that calls to its National Debtline jumped by 61% after the holiday as households tried to get to grips with their extra borrowing!1
More and more employers are waking up to the fact that stress, caused by financial worries, can have an adverse effect on their employees’ productivity and engagement at work. If you can alleviate some of the anxiety, then you can help your employees get in control of their finances, feel happier and more motivated at work – which is good news for you.
So what can you do?
Holiday Savings Clubs enable employees to pay a regular amount of their salary into a secure savings account to build up a pot for Christmas. Employees pay as much as they want (usually more than £5) and they cannot access their savings until they are paid out on a set date (usually with October’s pay packet).
This means they won’t be tempted to dip into their savings for unnecessary spending, and when it comes to Christmas, they have built up enough cash to buy presents, decorations, food and all the trimmings!
Starting a Holiday Savings Club:
- is easy to set up and maintain;
- has no additional costs to your business; and,
- is a great benefit for your employees that they will really appreciate.
“I join the savings club every year so that I don’t have to think about saving for the kids’ Christmas presents. I don’t even miss the £50 every month and it’s nice to get a big pay packet in October!”
– Savings Club Member
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