Unlocking Employee Financial Wellness: Statistics To Support Why Your Company Needs Earned Wage Access

With millions of people across the globe having access to their earned pay, before pay day, it’s clear that Earned Wage Access is here to stay.

In today's competitive landscape, addressing financial stress, enhancing employee benefits, optimizing pay cycles, and improving recruitment and retention strategies are not only crucial – but table stakes. It’s now more important than ever to reevaluate your company's approach to employee financial wellness.

The numbers don’t lie. Here’s a list of the top 15 employee financial well-being statistics that will show you why Earned Wage Access is the game-changer that your business needs to thrive in the modern workforce environment.
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• 72% of U.S. employees are stressed about their finances, with 54% living paycheck to paycheck.
• Financially stressed employees lose an average of 11.4 hours in productivity each week, costing U.S. employers over $4 billion weekly.
• 79% worry about rising inflation, and 55% are concerned about emergency savings.
• 44% of workers are in low-wage jobs.
• 31.8% of private establishments pay weekly, impacting cash flow.
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• 46% of employees want financial apps as a core part of their benefits.
• 72% believe employers should help with financial well-being, and 80% expect support.
• Financial wellness benefits are the top desired benefit for 54% of employees.
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• Financial wellness tools can improve retention for 84% of employers.
• 65% of job seekers cite money as the primary reason for job changes.
• Enhanced benefits can boost employee effort and job security.
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• 60% of employers see EWA as a cost-effective way to attract and retain talent.
• 66% of employees would be interested in EWA if offered.
• 20% of employees might use EWA every or every other pay period.
• Millennials prioritize job offers with EWA, and 75% say EWA availability affects job acceptance.

Financial stress shouldn’t be holding your employees (or company!) back. With AnyDay’s SAP Certified Earned Wage Access, you have the power to empower your employees, enhance productivity, and attract and retain top talent. 

By implementing EWA, you can create a workplace where financial wellness is prioritized, leading to happier, more engaged employees and a stronger, more resilient organization. 

Don’t let your employees & organization fall victim to a sad statistic! Take the first step towards a brighter future for your company and unlock the potential of Earned Wage Access today.

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• Source: https://flexwage.com/111-statistics-that-support-earned-wage-access-benefits/