The Aussies set to receive a cash bonus this Christmas

Millions of Australians are set to have a very merry Christmas – all thanks to the boss.

With just one week to go until Christmas, workplaces across the country are winding down as holiday festivities ramp up.

For most employees, this means an annual Christmas party and a glass – or three – of bubbles. Yet for some lucky workers, there’s extra reason to celebrate this year, with one in three Aussie employees receiving a Christmas bonus in the form of cash, gifts or days off.

It’s not quite gold, frankincense and myrrh, but it certainly comes close.

New research by finder.com.au shows that 13% of employees – equivalent to 1.6 million people – will receive a cash bonus, adding a little extra jingle to their pocket over the festive season. Another 22% will receive a gift from their employer, while 12% will be granted additional leave throughout the Christmas break.

Interestingly, female employees are more likely to receive a bonus over their male coworkers, with 1 in 7 women scoring a festive perk this Christmas, compared to just 1 in 10 men.

Though a bonus can be a handy way of financing your silly season spending, it shouldn’t be relied upon when budgeting for Christmas. Of the 12.5 million Australians who are currently employed, 67% won’t receive a festive bonus.

Employers are not legally bound to offer end-of-year pay incentives, regardless of individual or company performance. In reality, the majority of workers will receive their usual remuneration come December.

But that’s not to say you can’t give yourself a bonus of your own.

Regardless of your employer’s festive benevolence (or lack thereof), opening a high-interest savings account at the beginning of the year can be a smart way to stash some cash for next Christmas.

By setting aside a portion of your pay each fortnight, you could potentially have hundreds of dollars saved by the time next December rolls around. There are plenty of online calculators to help you meet your savings goals.

High-interest savings accounts typically offer a bonus interest rate on top of a standard variable rate, allowing you to accrue more interest than a regular transactional account. Try to aim for a rate of 2.50% or higher, but keep in mind that this type of account usually requires certain monthly criteria to be met in order to receive the bonus rate.

The festive season is notoriously expensive, but as long as you’re savings-savvy throughout the year you won’t fall short financially come Christmas.

And for those who haven’t made their employer’s nice list, there’s always next year!