Bosses are giving staff days off, treats and £1,000 interest free loans to help them through Blue Monday
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Businesses are giving staff days off, gift vouchers or access to interest free loans to help them cope with "Blue Monday". Today - the third Monday of January - is considered to be the most depressing day of the year, with people feeling the pinch of an extra long stretch between pay day, culminating with an end to the festive season and cold weather.
The term was first coined by psychologist Dr Cliff Arnall in 2004 after he supposedly devised the formula for the bleakest day to help a travel company sell holidays. All the latest Money news. While many psychologists consider there to be no scientific credibility to support it, the term has stuck ever since.
Data provided to Money by WorldPay shows travel spending increased by 37% on Blue Monday last year, compared to the week prior. The total value of online payments also increased, rising by 7%. Money blog: Pound surges after Trump omission. Reeves to meet US financiers as Trump presidency kicks off.
Treasury Committee question if new Office for Value for Money is value for money. Pete Wickes, general manager of EMEA enterprise at Worldpay, said: "While retail events like Black Friday may be better known, Blue Monday is gaining traction as a notable date in the calendar for sectors like the travel industry.
"Marketed well, for merchants these events are opportunities to kick-start the year, while for shoppers they represent a way to beat the January blues with a little discretionary spending.". Despite multimillionaires criticising the UK workforce for being obsessed with having a work-life balance last week, several companies have launched initiatives for their employees to cope with the January blues.
