copyright: 123rf_Julianna Funk

A majority of Canadian employees who are expecting to receive a holiday bonus this year want to put it towards their financial well-being, according to a new survey by Robert Half International.

More than a quarter (27 per cent) of the 500 surveyed employees said they’re expecting a bonus this year. Nearly half (47 per cent) said they want to use it to pay off debt, while almost the same number (44 per cent) said they plan to put it towards long-term savings. A quarter (26 per cent) said they’ll spend it on a vacation in 2020 and 18 per cent on holiday shopping.

Read: Mental and emotional health spilling over to financial stress: study

“While offering robust benefits and perks remains important, workers also value rewards that give them the financial flexibility to do what matters most to them,” said David King, senior district president for Robert Half, in a press release. “Year-end bonuses are an opportunity for companies to recognize employee accomplishments throughout the year, while demonstrating they care about their worker’s individual needs and priorities.”

In surveying 600 senior managers, Robert Half also found nearly two-thirds (64 per cent) said their company offers year-end bonuses. Among those respondents, a third (33 per cent) said bonuses would increase this year and 64 per cent said the amount would stay the same. Just three per cent of executives said they expected to reduce the bonus amount given to employees.

Read: Majority of Canadian employers investing in salary increases: survey

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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