Third of UK workers dip into savings to fund Christmas

Third of UK workers dip into savings to fund Christmas

34% of British workers plan on tapping into their savings in order to afford the holiday season.

That is according to new research from Sodexo Benefits and Rewards Services. The company commissioned OnePoll to carry out the survey, who polled over 1,000 people on how they would afford increased bills, food and Christmas gifts. A third stated that they would rather tap into their savings than fund the holidays through their wages or short-term savings.

The survey also reveals that half of the UK’s employed will make unsustainable and costly spending decisions this Christmas in order to fund the festivities, including the use of payday loans and credit cards.

The results didn’t vary from permanent to part-time workers. Jamie Mackenzie is the Marketing Director at Sodexo Benefits and Rewards Services. He argues that, while companies may have increased their financial education, employers should do more.

Mackenzie continues: “Employers must increase the range of financial education that is given to encompass the difference between short- and long-term savings and ensure complete financial comprehension is achieved.

“This research shows that individuals are risking their credit rating and long-term financial security by having a high dependence on credit facilities just to fund festive expenses. With a little extra planning and support from employers, this long-term damage could be avoided and the financial security of employees healthier and viable.”

In other Christmas related news, Mackenzie recently offered three ways to keep staff motivated during the holidays. Check out the full story here.


Have you enjoyed this piece?

Subscribe now to myGrapevine+ and get access to exclusive new content, and the full content archive.

Be the first to comment.

You are currently previewing this article.

This is the last preview available to you for 30 days.

To access more news, features, columns and opinions every day, create a free myGrapevine account.