Beware the December pay trap!

EssexHebridean

Bringing the January pay date forwards as well appears to be getting increasingly common now - it's effectively just an acknowledgement that they are aware they are causing folk problems with paying early in December IMO! 

kimwp

EssexHebridean said:

Bringing the January pay date forwards as well appears to be getting increasingly common now - it's effectively just an acknowledgement that they are aware they are causing folk problems with paying early in December IMO! 

They aren't really the cause of the problem TBF.

EssexHebridean

kimwp said:

EssexHebridean said:

Bringing the January pay date forwards as well appears to be getting increasingly common now - it's effectively just an acknowledgement that they are aware they are causing folk problems with paying early in December IMO! 

They aren't really the cause of the problem TBF.

I'm going to beg to differ to a degree at least. A responsible employer might, when notifying people of the early pay date, add a simple note saying "remember, this is the pay you would normally get on X date, NOT an extra payment!" just to act as a memory jog. Until we get the sort of financial education in schools that included teaching people even basic budgeting, that sort of thing goes a long way. No, it shouldn't be needed, and no, employers don't have responsibility for stopping people getting into debt, but when they're making changes to a normal routine that could cause disruption they do have a degree of duty of care to their employees, too. 

kimwp

EssexHebridean said:

kimwp said:

EssexHebridean said:

Bringing the January pay date forwards as well appears to be getting increasingly common now - it's effectively just an acknowledgement that they are aware they are causing folk problems with paying early in December IMO! 

They aren't really the cause of the problem TBF.

I'm going to beg to differ to a degree at least. A responsible employer might, when notifying people of the early pay date, add a simple note saying "remember, this is the pay you would normally get on X date, NOT an extra payment!" just to act as a memory jog. Until we get the sort of financial education in schools that included teaching people even basic budgeting, that sort of thing goes a long way. No, it shouldn't be needed, and no, employers don't have responsibility for stopping people getting into debt, but when they're making changes to a normal routine that could cause disruption they do have a degree of duty of care to their employees, too. 

So if they pay a bonus, should it be accompanied by a note saying "remember, you won't get this every month from now on" or the same when you claim expenses? Do they need to remind employees that the Christmas party won't be repeated every month? I think this is going beyond duty of care, personally.

Maybe I'm being too pedantic and something like a note that says "next pay date is in xx weeks time" is what you mean.

EssexHebridean

Yep, that would also do it. Just something to remind people that they really shouldn't be seeing it as a pre-christmas bonanza!

Like I say - this is all stuff that would - and SHOULD - be covered by financial education for children. We can't say "that's a parent's job" now - because yes, it ideally would be, but without question too many parents now don't know enough on the subject themselves to pass it on, and many of those who do wouldn't be able to "teach" it to others. It's frustrating - everyone should know this stuff long before they get their first pay packet - but as things stand, they don't. The posts we see here on a daily basis prove that don't they. 

kimwp

EssexHebridean said:

Yep, that would also do it. Just something to remind people that they really shouldn't be seeing it as a pre-christmas bonanza!

Like I say - this is all stuff that would - and SHOULD - be covered by financial education for children. We can't say "that's a parent's job" now - because yes, it ideally would be, but without question too many parents now don't know enough on the subject themselves to pass it on, and many of those who do wouldn't be able to "teach" it to others. It's frustrating - everyone should know this stuff long before they get their first pay packet - but as things stand, they don't. The posts we see here on a daily basis prove that don't they. 

I definitely agree that society as a whole (though the schooling system, because where else?) needs to take responsibility for better life skills education - basic finance, healthy relationships etc. It's not reasonable to expect parents who don't know things themselves to pass the knowledge on- plus finance changes considerably over time.

Side grumble, that doesn't mean (as I've seen parents say) that it's up to teachers to teach their children how to behave or get them to eat healthy food (provision of healthy school lunches, yes, but not cajoling the kids to eat their veges)

enthusiasticsaver

Better financial education is really something which needs to be taught in schools as it seems that some parents are not instilling good money and budgeting habits in their children as they grow up.  Mine learnt how to handle money from a very young age and I am sure some on this site similarly educated their offspring on the dangers of taking on too much credit card debt, saving for larger items and learning how to manage a monthly budget.  It does work as both my adult daughters have managed to stay solvent although I think it is harder for young couples with unaffordable housing these days and high student debt. 

enthusiasticsaver

Good call though on putting out the reminder.  Strangely enough pension companies do not tend to pay out early except for my Local government pension.  My husbands occupational pension does not pay early in  December and I don't think the state pension gets paid early either. 

Naomim

Nothing from my company yet and we get paid 25th of every month. Assuming it might be around the 19th.

molerat

enthusiasticsaver said:

Good call though on putting out the reminder.  Strangely enough pension companies do not tend to pay out early except for my Local government pension.  My husbands occupational pension does not pay early in  December and I don't think the state pension gets paid early either. 

One of my pensions always pays on the working day before Christmas eve, normal due date is 28th.  SP, as with all benefits, pays early if due over the Christmas period.  This year anything due 25th, 26th & 27th will be paid on 24th.