While the majority of us rejoiced at the news we were to receive our month's pay before Christmas, it didn't take long before we'd blown the majority of it in the January sales, on countless drinks at the bar on New Year's Eve and new gym kit in the hope that it will actually inspire us to get fit this year.
However, it seems Finland could be the answer to all our money woes as it's just given 2,000 of its citizens free money. Yes, really.
Unfortunately, there's a catch.
According to Business Insider, starting Monday and lasting until 2019, the federal social-security institution Kela will give out approximately £480 each month to 2,000 jobless Finns in the hope to learn how the distribution of free money helps the unemployed get back into the workforce.
Regardless of whether they find employment, decide to invest the money or splurge on a holiday, participants in the experiment will receive the same tax-free money at the beginning of each month.
The idea is inspired by the concept of universal basic income (UBI), which has been argued to be one of the best theories to solve poverty.
Under the terms of basic income – an idea which is steadily becoming part of government conversations in countries such as Canada, India, and the Netherlands – people receive a set amount of money, regardless of their income status which, according to UBI advocates, helps prevent people from going unnoticed due to their precarious financial situations.
During this trial period, Finland will be able to see whether the system improves the social system which currently qualifies people into 40 benefit systems depending on their employment and health status. The government also wants to learn how people behave when they receive money.
As one of the leaders of the project, Marjukka Turunen, told Business Insider: 'Some people might stay on their couches, and some might go to work. We don't know yet.'
Time will tell whether free money will inspire people to invest, change their lives, start their own business or find employment but we are incredible intrigued to see the result.
Katie O'Malley is the Site Director on ELLE UK. On a daily basis you’ll find Katie managing all digital workflow, editing site, video and newsletter content, liaising with commercial and sales teams on new partnerships and deals (eg Nike, Tiffany & Co., Cartier etc), implementing new digital strategies and compiling in-depth data traffic, SEO and ecomm reports. In addition to appearing on the radio and on TV, as well as interviewing everyone from Oprah Winfrey to Rishi Sunak PM, Katie enjoys writing about lifestyle, culture, wellness, fitness, fashion, and more.
