Funding Our Future

The global COVID-19 pandemic has had devastating financial effects on so many people. However, according to a recent survey conducted by DailyPay, Funding our Future, and Edelman Financial Engines, one positive effect that has resulted from the pandemic is that more American workers are motivated to save money for the future. 

In fact, the survey found that, as they emerge from the global pandemic, 51% of those polled are more likely to save for the future, as opposed to 15% who stated they were less likely to save.

The pandemic’s devastating financial toll

Not only did the pandemic wreak havoc on people’s physical and mental health, job security and day-to-day living conditions, but, as you can see below, it also had a significant impact on their financial situations.

51{{value}}%

are more likely to save

15{{value}}%

are less likely to save

65{{value}}%

don’t have any type of savings account

41{{value}}%

almost never put money away

40{{value}}%

are worse off since the pandemic shut down most of the American economy in March

50{{value}}%

are either “finding it difficult to get by” or are “just getting by”

40{{value}}%

are having difficulty paying bills each month

57{{value}}%

are having difficulty paying bills each month

38{{value}}%

say that keeping cash stored at home is their primary means of savings

62{{value}}%

would be able to save more if there was an easier way to set aside a portion of their paycheck

More
than half

believe that the market will fall more than 57% from its peak, the size of the plunge after the 2007 financial crisis

SAVE by DailyPay motivates employees to save in three unique ways

DailyPay’s PayExTM platform incorporates a SAVE experience that allows employees to save money in three different ways, before payday. Employees can set aside the same amount each payday, a variable amount each payday or a designated amount when they use PAY to transfer part of their earned income.

With SAVE, employees benefit in multiple ways:

  • Save it as they earn it. Employees have free access to save earned income before payday (when most money is already committed to expenses).
  • Save with interest. If an employee has their own interest-bearing savings account, it’s compatible with DailyPay SAVE, and we facilitate deposits to that account.
  • Free to Save. A recent DailyPay survey showed that 78% of employees would never pay for an app to help them save. With DailyPay, there’s zero cost to save.
  • Financial wellness tips as they go. We offer practical and motivating financial tips to help employees begin to save and then stick with it.
LEARN MORE

Want to learn more about the initiative between Funding our Future and DailyPay?

Saving is key to financial wellness

When it comes to increasing financial stability and wellness, the best thing employees can do is to embark on a regular savings program.

Here are some resources that can help them get started:

Having so many people realize that they need to begin a savings program is a good thing. Having some money to lean on when a crisis or any emergency hits will bring about a measure of financial stability that was previously lacking. And financial stability and wellness has proven to ease anxiety as we all look forward to a brighter future.