• Topics covered may include money management, banking, saving, and credit building.
• Programs may take the form of group workshops or one-on-one coaching sessions.
• The goal is to empower workers to make sound, informed decisions about their personal finances.
Employers that promote their workers’ financial wellness through programs like instant pay are benefiting their business in important ways, as research shows:
• Less financial stress means more productive employees. A survey by Salary Finance revealed that 48% of employees are worried about money, which costs them about a month of productivity each year.
• Earned wage access reduces costly turnover. A Harvard Kennedy School study linked an earned wage access offering to a 19% reduction in employee turnover — and other data puts that number as high as 40%.
• Wage advance makes a business an employer of choice. Providing a wage advance program helps a business attract talent and stand out from the competition among other employers.
What Is Financial Wellness?
Financial wellness means having a healthy relationship to money, and feeling a sense of control and security over one’s finances. The ability to pay one’s bills on time, to save, and to not live in a constant state of worry about having enough in the bank — all of these are key contributing factors.
Unfortunately, robust financial security is rare among Americans today. According to the American Psychological Association’s “Stress in America™ 2020” survey:
of adults say money is a significant source of stress in their life
say they’ve experienced negative financial impacts due to the COVID-19 pandemic
The good news, however, is that there are concrete, practical steps employers can take to support their workers’ financial wellness and reduce the problems associated with money-related stress.
64%
52%
The wage advance solution itself can help, too, enabling employees who use it to create automatic reminders to set aside money for savings. And opening a digital bank account will aid them in avoiding many of the expensive fees associated with brick-and-mortar banking.
How Employers Benefit
Financial Wellness in Today's Workforce
Download the Seeking a Safety Net: Financial Wellness in Today's Workforce e-book, Financial Wellness infographic now!
Financial Wellness Toolkit
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In the wake of the COVID-19 pandemic, businesses have a unique opportunity to rethink their approach to employees' wellness and financial security. Now is the time for employers to implement innovations like earned wage access — and to take their place at the forefront of the workforce wellness revolution.
Join the Wellness Revolution
What Employers Can Do to Help
The single most effective way businesses can support their hourly employees’ financial well-being is to introduce a wage advance initiative, also known as instant pay or earned wage access.
Businesses can also foster their employees’ financial health by providing free educational programs and resources.
Wage Advance
Financial Education
• A wage advance program allows workers to receive free advances on wages they’ve already earned but that haven’t yet been paid out.
• Employees no longer need to wait two weeks to be paid for hours they’ve already worked; they’re able to access the money immediately.
• An employee can clock out at noon and get their eligible day’s wages to pay for lunch, if they so choose. These advances are then deducted from their next paycheck.
Earned wage access empowers workers with greater liquidity so they can live their lives and cover their expenses without falling victim to payday lenders and mounting debt.
