Seasonal financial pressure worse than last year

Seasonal financial pressure worse than last year Aegon

For intermediaries and employers only

More British employees were under financial pressure during November and December than in the previous year, research from Aegon has revealed.

The number of British employees feeling the pinch during this period increased from 39% in 2018 to 46% in 2019 analysis of YouGov Financial Wellbeing reports showed.

Data also indicated this seasonal financial pressure was more likely to be felt by women (52%) than men (40%).

Christmas is the event that causes the majority of workers (57%) to experience heightened financial pressure, again more so for women (64%) than men (50%).

The survey results also suggested that the financial impact of festive spending is set to impact workers until March, with nearly a quarter (23%) of employees admitting they generally feel under more financial pressure than usual in January and February.

"Vital role"

Kate Smith, head of pensions at Aegon UK, said that employers should play a role in supporting the financial wellbeing of staff during this time.

"There are steps employers can take to help avoid this and providing access to support and guidance is a good place to start," she said."Publicising the full range of employee benefits on offer and access to any services such as helplines, financial education and even financial advice if it's made available could help employees take the first steps to addressing their financial worries.

"Employers play a vital role in helping their employees to save for retirement through auto-enrolment. Financial advice in the workplace is one way to help with financial wellbeing. We'd like to see employers invest in providing access to advice in the workplace."

This article was written by Adam Saville from Cover Magazine and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.