DailyPay Social Impact and Research
Every day, DailyPay provides an innovative and extremely low-cost solution to improve our nation’s financial system. This is why we are committed partners to our DailyPay platform users, their communities and our own employees.
We partner with organizations throughout the country to enhance financial wellness, promote employee savings, and train the next generation of America’s innovators.
How DailyPay Helps Users Save Money
A recent study sponsored by DailyPay and conducted by the Mercator Advisory Group found that DailyPay helps employees save money in a number of different ways. More than 75% of respondents surveyed said DailyPay helps them save money by avoiding more expensive alternatives.
Killing Payday Loans and Eliminating Overdraft Fees
A recent in-depth study commissioned by DailyPay from Aite-Novarica found that 95% of DailyPay users who previously relied on payday loans either stopped or reduced their use after access to DailyPay. Annual savings from this are conservatively estimated at $624–$930.
Another 97% of users that relied on overdraft say they overdraw their accounts rarely, never or less after using DailyPay, saving people approximately $660 per year.
Employees reduce use of payday loans after using DailyPay and save hundreds.
Helping American Workers Pay Bills Easier and Avoid the Cycle of Debt
A new report commissioned by DailyPay from the Mercator Advisory Group found that nearly eight in ten (or 77%) of DailyPay users said that on-demand pay helps them save money by avoiding other more expensive alternatives to handle expenses
Respondents indicated that expenses related to paying their utility bills, car insurance, cell phone, housing or rent, as well as buying groceries, were the top areas in which they used DailyPay's support most.
Check out this recent report from the Mercator Advisory Group.
Equipping DailyPay Users With the Tools to Save
According to a recent Harris Poll commissioned by DailyPay, more than 60% of respondents said they’d be able to save more if there was an easier way to set aside a portion of their paycheck. That’s why we’re proud of our DailySaves features, which allow people to set aside part of their paycheck at regular intervals or on-demand, free of charge.
This is also why we provide free, easy to use and flexible savings tools, and support worker saving and the America Saves campaign including through direct communication with our platform users.
Employees say they'd be able to save if employers offered an easy way.
Supporting the Next Generation of Innovators
The Thurgood Marshall College Scholarship Fund helps support top talent from America’s Historically Black Colleges and Universities with tech mentorships and creative programming. During its weeklong “Pitch” competition, 100 students develop solutions for business, social and educational problems and pitch the ideas to a panel of experts. It has been DailyPay’s honor to help provide coaches to the pitch teams, featured speakers, and a final round judge.
The Thurgood Marshall College Scholarship Fund helps support top talent from America's HBCU's.
Moving Financial Wellness Conversations Forward
Throughout the year, employers and policymakers across the country attend conferences hosted by the Financial Health Network (FHN) to learn how best to improve the economic health and wellness of American workers. DailyPay is a proud sponsor of multiple conferences. We also contribute to the conversation directly with our recently published article on FHN’s website about the high cost of payday loans and DailyPay’s solution.
Employers and policymakers across the country attend FHN conferences every year.
Partnering With the GO Project to Inspire NYC Students Near Our Global HQ
For more than 50 years, New York City K-8 students below 14th Street who lack access to the tools and resources needed to perform at grade level have received tutoring from the GO Project. Starting this year, students can attend a design seminar developed by DailyPay’s best-in-class product engineers and the GO Project’s programming staff. This seminar further develops student creativity and confidence so all students can achieve their full potential.
For more than 50 years, the GO Project has helped provide NYC K-8 students with educational tools and resources.
Supporting America Saves Week to Help Employees Develop Savings Plans
America Saves engages hundreds of employers every year during its America Saves Week. Through our support of America Saves Week, employees of companies that offer DailyPay can improve their financial health by using the DailyPay app and connecting with a third-party financial counselor to learn how to develop savings plans.
America Save engages hundreds of employees every year during its America Saves Week.
Earned Wage Access (EWA) Helps Businesses Retain Workers
In-depth, third party research has found that companies that offer EWA reduce employee turnover and increase productivity.
DailyPay has proudly joined the Aspen Institute Financial Security Program.
Partnering With the Aspen Institute’s Financial Inclusion Initiative
Recently, DailyPay proudly joined the Aspen Institute Financial Security Program and a diverse coalition of almost 40 other mission-driven organizations and businesses to call for the establishment of a Presidential Commission on financial inclusion. Together, we are working with the Aspen Institute and federal policymakers to ensure up-to-date goals and strategies are set for financial inclusion to meet the needs of people in 2022.
Read how companies that offer on-demand pay reduce turnover and increase productivity.
