Eight in ten employees (82%) in the UK find that getting paid in early December has a negative impact on financial impact in January, according to Hastee research.
His Christmas Research Report which surveyed 1,000 employees in the UK and Ireland in November 2019, found that 78% had to use some form of credit in the New Year due to overspending during the holiday season.
In addition, almost three-quarters (71%) of respondents are proactively seeking additional funds during the holiday season, including more than half (55%) Doing overtime earn extra money as Christmas approaches, up from 48% in 2018, and four in ten (40%) citing needing to work more than one job.
At the same time, almost half (47%) used payday loans, credit cards and overdrafts to pay for the Christmas season. It is therefore not surprising to see that six in ten employees (61%) admit to suffering from financial stress which in turn affects their performance at work.
James Herbert (photo), CEO of Hastee, said: “What is meant to be a time of celebration has become a stressful ordeal for workers, many of whom feel pressured to borrow. This has a negative impact on workplace productivity and this impact can last for months as workers struggle to catch up with their finances.
“Welfare solutions that increase liquidity by giving workers access to their on-demand income are readily available for employers to implement at zero cost. Employers benefit from improved productivity and workers have a fair chance to have a merry Christmas. These solutions can also help businesses align with destination employers who more effectively attract and retain talent through the range of benefits they offer.