Last week, we shared three financial challenges that your employees may be facing this festive season, and where you can signpost them to for support.
We're back this week with three more not-so-festive challenges...
Financial scams
Financial scams often increase around Christmas, as scammers take advantage of the season's heightened spending, online shopping, and charitable giving. People are often busier, more distracted, and more likely to let their guard down during this time. Some common types of scams prevalent during the festive period include: online shopping scams, fake charity appeals, delivery scams, phishing emails and messages, credit scams, ticket scams, and romance scams.
Citizens Advice has a great resource for checking if something is a scam, reporting a scam and advice for protecting yourself and loved ones
Action Fraud is the UK’s national reporting centre for fraud and cybercrime where you should report fraud if you have been scammed, defrauded or experienced cyber crime in England, Wales and Northern Ireland. They also have an A-Z of different types of scams to find out more about them.
Mental health related money worries
Our mental health can be tested in many ways at Christmas. Financial and social pressures can increase stress, anxiety, depression and many other mental health challenges. For those with mental health problems, the festive season can trigger 'crisis spending' and make it even harder to keep track of spending, repayments and cashflow.
Mind has this dedicated webpage to Christmas, mental health and money
Samaritans report to receive 400 finance related calls every day. Remind people that they are not alone in these struggles
Loneliness and talking about money
Christmas can be a particularly isolating time for many people. Some are physically away from family, or missing lost loved ones, while others feel emotionally disconnected from their communities and those around them. This may make opening up about financial struggles even harder than usual, and many will be keeping money worries and secrets to themselves.
Money Helper has a guide on how to have difficult money conversations about Christmas
Train some of your team members to become Money First Aiders before the festive season begins. It takes a couple of hours online, and it will provide an alternative, confidential outlet for someone to talk to if they cannot share their worries with those close to them.
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