This resource is brought to you by Tilson partner, FinFit.
Many employees find themselves facing increased financial pressures during the holidays. For those living paycheck-to-paycheck, holiday expenses—like gifts, travel, and celebrations—can create added stress, impacting both their personal lives and work performance. Employers may also feel the effects, as financially strained employees are more likely to experience decreased productivity, increased absenteeism, and lower engagement.
According to FinFit’s Inside the Wallets of Working Americans report, 74% of Americans report living paycheck-to-paycheck. This financial insecurity can become even more pronounced during periods of higher spending, such as the holiday season, leaving many workers without a financial buffer for these additional costs.
It’s essential for employers to recognize the ripple effects of financial stress. Employees facing financial pressures during the holidays often experience challenges with focus, motivation, and well-being. Understanding these pressures can help employers provide the right support, which can improve employee morale and productivity.
Watch: What to Consider When Giving a Holiday Bonus
The National Retail Federation reports that the average American plans to spend over $900 on holiday expenses this year. With this in mind, here are some practical tips for helping your employees manage holiday spending and minimize stress:
1. Budget Early and Stick to a Plan: Encourage employees to make a holiday budget by listing anticipated expenses, from gifts to travel. A clear plan helps reduce overspending and prioritizes essential purchases.
2. Seek Out Discounts and Deals: Remind employees to take advantage of seasonal discounts and holiday promotions. Timing holiday purchases around deals and special sales events can make a significant difference in overall expenses.
3. Consider DIY and Budget-Friendly Gifts: Encourage employees to consider thoughtful, low-cost alternatives, such as homemade gifts or experiences, which can reduce holiday spending while still making celebrations meaningful.
4. Access Employer Resources: Remind employees about available financial wellness resources, including your FinFit financial wellness benefit. You can access comms materials here. Additional support services, discounts, or holiday savings programs provided by your company can also help employees manage seasonal financial pressures.
By fostering a supportive environment and sharing these financial wellness tips, employers can help reduce the holiday strain on employees. This proactive approach benefits everyone by improving employee well-being, engagement, and overall workplace productivity.
At Tilson, we’re committed to helping you and your employees navigate financial pressures during the holidays. With the right strategies, you can enjoy a holiday season that benefits your business and your employees. Contact Tilson today and see how you can empower your business.
