The UK Careers Fair logo
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
HomeAbout2024 ScheduleEventsNewsJobsLondon
Exhibit With UsBook A Stand
Contact Us
Finance
5 min read

The Psychology Of Workplace Spending

Spending money is something that everyone enjoys doing to some extent. The psychology behind spending is a powerful force with emotions often running high and having a significant role to play when making financial decisions. It is often the case that we do not realise the extent that emotions and feelings influence our money and the profound impact they have.
Written by
Joanna Clare
Content Manager
Published on
May 22, 2024

Spending money is something that everyone enjoys doing to some extent. The psychology behind spending is a powerful force with emotions often running high and having a significant role to play when making financial decisions. It is often the case that we do not realise the extent that emotions and feelings influence our money and the profound impact they have. How many times have you felt a bit low so decided to cheer yourself up with a few purchases? I know I have and while the excitement lasts a short time, it is unfortunately not long lasting.

In the workplace, various emotive factors such as stress, peer pressure and the elation of success can trigger in us certain emotional responses that manifest in various spending habits. For some, the stress of a demanding job may lead to the release of emotions by impulse spending as it is well documented that retail therapy can and does provide temporary relief from work related pressures. Alternatively, the feel good factor of a professional achievement or recognition may prompt impulsive spending as a reward or seen as a necessary celebration.

Within the environment of a workplace, peer pressure is a very real influence in regard to how money is spent. The culture of many workplaces inevitably involves social activities, outings, lunches and various events held throughout the year can cause some to spend beyond their means. The strong desire to fit in, be accepted, included and be liked and admired as well as maintaining a certain image and perhaps wanting to impress others can come at a cost which of course will contribute towards financial strain and worry.

Employees who are satisfied and content in their job are less likely to seek solace in purchasing material possessions or expensive experiences and thereby filling a void in their lives which is caused by unfulfilling professional experiences. Sometimes, understanding the emotional driving force is important for those who strive to maintain and have a positive control over their finances. Creating awareness around emotional spending allows for more intentional decision making. Developing healthy coping mechanisms for workplace induced stress such as seeking support or engaging in free activities can help mitigate impulsive spending tendencies. Education on debt, debt management and money management skills are all essential tools that can help individuals to stay within budgets. Employers can and should play a role in creating a financially healthy working environment by implementing financial wellness programmes that actually address the psychology of spending and educating through various financial resources. They should aim to reduce any financial pressure placed upon employees and be able to recognise and support those who face challenges.

By recognising emotional triggers that influence spending behaviours, individuals can aim to strike a balance between professional satisfaction and financial wellbeing. Employers and employees alike can both contribute towards a healthier and more sustainable financial landscape within the workplace, having a positive effect on all.

Weekly newsletter
Sign up to our newsletter to keep updated with the latest insights for the freshest trends and know-how in the career realm.
By submitting, you are agreeing to receive our weekly newsletter. You can unsubscribe at any time if you no longer wish to receive these updates.
Read about our privacy policy.
Thank you! You're now subscribed to the latest news from The UK Careers Fair.
Oops! Something went wrong while submitting the form.

Latest News

Dive into our latest insights for the freshest trends and know-how in the career realm, updated daily.
Interview Advice

Relax! It’s An Informal Interview!

Joanna Clare
|
Content Manager
June 21, 2024
5 min read
Graduate Advice

Joining Clubs And Societies At University

Joanna Clare
|
Content Manager
June 21, 2024
5 min read
Business Advice

Necessity Of Digital Transformation For Small Businesses

Joanna Clare
|
Content Manager
June 19, 2024
5 min read

Upcoming Events

Check out our full and comprehensive list of upcoming events.

Liverpool Careers Fair
August 1, 2024
Manchester Careers Fair
August 2, 2024
York Careers Fair
August 7, 2024
Bristol Careers Fair
August 7, 2024
Darlington Careers Fair
August 8, 2024
Exeter Careers Fair
August 8, 2024
Southampton Careers Fair
August 9, 2024
Harrogate Careers Fair
August 9, 2024
Brighton Careers Fair
August 14, 2024
Loughborough Careers Fair
August 14, 2024
Reading Careers Fair
August 15, 2024
Milton Keynes Careers Fair
August 16, 2024
Swansea Careers Fair
August 21, 2024
Portsmouth Careers Fair
August 21, 2024
Doncaster Careers Fair
August 22, 2024
Worcester Careers Fair
August 22, 2024
Inverness Careers Fair
August 23, 2024
Sunderland Careers Fair
August 28, 2024
Preston Careers Fair
August 28, 2024
Middlesbrough Careers Fair
August 29, 2024
Wigan Careers Fair
August 29, 2024
Carlisle Careers Fair
August 30, 2024
Hull Careers Fair
August 30, 2024
Shrewsbury Careers Fair
August 30, 2024
Guildford Careers Fair
August 30, 2024
Colchester Careers Fair
September 4, 2024
Bradford Careers Fair
September 4, 2024
 TAKE ME THERE