Beyond the bargains: what Black Friday reveals about financial wellbeing at work

Black Friday has become one of the most established events in the consumer calendar. For millions of people, it’s an opportunity to secure better value on purchases they were already planning to make, delay spending until discounts become available or simply make household budgets stretch a little further.

This is what makes Black Friday interesting from an employer’s perspective.

Its popularity highlights a simple reality: people are paying close attention to their finances and actively looking for ways to make their money go further.

For employers, this should prompt a wider conversation about financial wellbeing. The CIPD continues to identify money worries as a significant contributor to employee stress, with implications for wellbeing, productivity and engagement at work.¹

It’s not simply a question of salary. Employees increasingly judge the overall value of their employment package, not just the number that appears on their payslip each month. The ability to save money through employee discounts, access tax-efficient benefits or receive guidance when financial pressures arise can all contribute to how employees perceive the support their employer provides.

Black Friday, perhaps unexpectedly, shines a light on that reality.

What Black Friday tells us about employee behaviour

The success of Black Friday is often attributed to consumer demand for discounts. Another interpretation is that it reflects how conscious people have become of value.

Employees are increasingly comparing prices, researching purchases, delaying spending decisions and seeking ways to maximise the return on every pound they spend. These behaviours are not confined to major shopping events. They’re becoming part of everyday financial decision-making.

This shift is important because employees don’t experience their reward package solely through their monthly payslip. They experience it through the practical impact it has on their daily lives.

When employees save money through a discount platform, reduce tax through a salary sacrifice arrangement or access financial guidance that helps them make more informed decisions, the value feels tangible.

This creates an opportunity for employers. Many organisations already offer financial wellbeing benefits that can make a meaningful difference. The challenge is often ensuring employees understand what is available and recognise the value of using it.

Helping employees make their money go further

Much of the financial wellbeing conversation naturally focuses on long-term outcomes such as retirement planning and savings.

Those remain important. However, employees are also looking for support that helps address the financial realities of today.

Employee discount and cashback schemes are a good example. While individual savings may appear modest in isolation, the cumulative impact can be significant. Savings on groceries, household purchases, fuel, technology, travel and leisure activities can add up over the course of a year.

Salary sacrifice arrangements offer another opportunity. Whether through pension salary sacrifice, electric vehicle schemes or cycle-to-work programmes, these arrangements can help employees achieve greater value through tax and National Insurance efficiencies. Yet many employees remain unaware of the potential savings available or don’t fully understand how the arrangements work.

Financial wellbeing is often associated with helping employees earn more. Increasingly, it’s also about helping employees keep more of what they already earn. That’s why Mattioli Woods takes the time to deliver seminars and webinars for its clients, both in the workplace and online – helping to educate employees on their employee benefits and financial wellbeing.

In a challenging economic environment, organisations may not always be in a position to significantly increase pay. They can, however, help employees access benefits and support that improve overall financial outcomes.

Looking beyond savings

Of course, financial wellbeing is about more than discounts, cashback and tax efficiencies. Behind conversations about affordability and spending sits a broader issue: financial confidence.

Financial pressures affect people differently. For some, it means being more selective about discretionary spending. For others, it can have a much more significant impact on their wellbeing.

Research from the Money and Mental Health Policy Institute, highlighted by the CIPD, estimates that approximately 1.5 million people in England are experiencing both problem debt and related mental health issues.¹

This figure serves as a reminder that financial wellbeing cannot be viewed solely through the lens of reward and benefits.

Employee assistance programmes, financial coaching, debt support services, money guidance and hardship support all have a role to play. A graduate paying off debt, a parent managing household costs and an employee approaching retirement are likely to need very different forms of support. Financial wellbeing strategies are most effective when they reflect those differences.

The value employers may be overlooking

One of the most common challenges in employee benefits is not the quality of the support available but the level of awareness.

Many organisations invest heavily in benefits designed to improve financial wellbeing. Yet engagement often falls short because employees either don’t know the support exists or don’t understand its relevance to them.

This is where communication and financial education become particularly important.

Black Friday provides a useful reminder that employees are already thinking about value, affordability and spending decisions. These are precisely the moments when employers can reconnect people with the support available to them.

The organisations that achieve the greatest impact are often not those with the most extensive benefits package. They’re the ones that help employees understand and use the benefits they already have. That’s why education and face-to-face interaction are imperative.

Looking beyond Black Friday

Black Friday may be marketed as a retail event, but it also offers a useful insight into employee financial behaviour.

It demonstrates that people are actively looking for ways to maximise value, reduce costs and feel more confident about their finances.

Employers should take note.

A well-designed employee benefits strategy can support employees at every stage of their financial journey, whether through employee discount platforms, salary sacrifice arrangements, financial education or access to specialist support when it’s needed most.

The conversation around financial wellbeing should not begin and end with major shopping events. However, moments like Black Friday provide a useful prompt to ask an important question:

How much value are employees getting from the benefits already available to them?

For many employers, the answer may not lie in introducing new benefits. It may lie in helping employees better understand, access and use the support that already exists. And what better way to help them than to talk to them and present to them.

Black Friday reminds us that people are looking for value. The employers that stand out will be those that make it easier for employees to find that value within their workplace benefits package.

Sources:

¹ Analysis | Why should employers take action on employee financial wellbeing? | CIPD