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Financial education: The gift that keeps on giving

2020 has been a tough year. The Covid-19 pandemic has taken loved ones, forced numerous changes to our lives and has created considerable financial uncertainty and hardship for many. With Christmas on the horizon it is, therefore, no surprise that many people are planning to spend a few days enjoying the festive season to the full; be it in a three household bubble (perhaps that should be bauble?) or at home with their immediate family. Against the backdrop of 2020, the fairy lights may shine more brightly, the turkey taste more succulent and the post meal snooze in the armchair feel more deserved this Christmas, but with ongoing restrictions and the Covid-19 situation far from over, it is unlikely to be the “normal” Christmas you and your employees had hoped for.

At Better with Money we also love Christmas, and hope to be enjoying a peaceful time with our families. It has been a productive year, inspiring employees to take action around their finances to make them happier and more in control of their money. So, in the spirit of Christmas, and by channelling our inner “ghost of Christmas future”, we want to look ahead to Christmas 2021, when life will, hopefully, have returned to normal and we can celebrate Christmas in the way we really want to.

According to the Bank of England, the average person in the UK spends in the region of £500 on Christmas presents, and the typical household spends an additional £800 on food, drink, treats, decorations and all of the little things that make Christmas extra special. Even in a ‘normal’ year this can put a considerable strain on household and personal finances but, with many businesses likely to be impacted by Covid-19 for some time, unemployment expected to rise and considerable upheaval surrounding the United Kingdom’s exit from the European Union, 2021 looks set to see heightened financial uncertainty and hardship for many.

If you then consider that in 2019, the UK saw 12.8 million days of work lost because of stress, depression and anxiety, with money worries a key contributing factor for many, the benefit to employers of helping their employees become Better with Money is apparent.

At Better with Money we provide high quality, fun and interesting financial education services to give employees the financial knowledge, tools and confidence to have a better financial future. We help demystify finance and, by making employees more confident about money matters, help reduce the anxiety and stress that money causes for many people.

As a Company, improving your employees’ financial education is one of the most valuable gifts you can give them. Employees who are Better with Money increase their engagement with life and their careers. They also become better at saving, budgeting, and planning for the nice things in life. Financial education is for life, not just for Christmas. By helping your employees become better with money in 2021, your gift has the potential to make every Christmas in the future the Christmas they truly deserve.

We wish you all a safe and happy Christmas.