Christmas 'becomes stressful ordeal’ for many Brits, Hastee

Research by FinTech venture Hastee highlights how British workers are forced to resort to borrowing in order to cover the cost of Christmas, and the resulting financial difficulty that is experienced in January.

Its survey of 1,000 people found that 47% use high cost credit options such as payday loans, credit cards and overdrafts to pay for the Christmas period. 53% say Christmas forces them to live beyond their means and 35% say the cost of it often leaves them unable to pay their bills. 50% have cut back on home comforts including turning the heating off and using less electricity.

“What’s supposed to be a time of celebration has become a stressful ordeal for workers with many feeling forced to borrow. This negatively impacts workplace productivity and this impact can last for months as workers struggle to catch up with their finances,” says Hastee CEO James Herbert.

“Wellbeing solutions that increase liquidity by giving workers access to their earnings on demand are readily available for employers to implement at zero cost. Employers benefit from improved productivity and workers get a fair chance to enjoy a happy Christmas. These solutions can also help businesses align themselves with destination employers that attract and retain talent more effectively with the range of benefits they offer.”