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Why EWA Game-Changing Financial Wellness Benefit
Employee financial wellness has become a key area of focus for both employees and employers.
As employers strive to provide comprehensive benefits packages, many are embracing new high-impact financial wellness benefits to help team members manage financial challenges.
According to a new nationwide survey of employers offering DailyPay’s earned wage access platform, it ranks as a critical component of their financial wellness benefits.
The Growing Popularity of Earned Wage Access
As the popularity of earned wage access (EWA) continues to increase, employers can’t afford to be left behind.
Recent research proves that EWA has quickly become one of the most popular financial wellness benefits. According to new DailyPay’s survey data1:
- 25% of employers mention DailyPay is the most-adopted overall benefit, above healthcare benefits.
- Earned wage access (68%) is considered more than twice as popular among our clients as financial coaching (30%).
- 44% of employers find that their employees specifically request earned wage access benefits. This is more than any other financial benefit aside from 401(k) programs (56%).
- Earned wage access (59%) was tied with 401(k) programs (59%) as the most-used financial wellness benefit.
The Financial Wellness Impacts of EWA
The popularity of EWA isn’t just about availability — it’s about real, tangible employee benefits. Here’s why EWA is making such a significant impact2:
- Day-to-day impact: A staggering 67% state that EWA has the greatest day-to-day impact on their employees, which is more than those who mention any other financial benefit, namely 401k (49%), tuition reimbursement (22%), financial coaching (12%), and even childcare benefits (11%).
- High adoption rates: 60% of our clients say DailyPay is one of the top five benefits they offer to their employees, with nearly two in five (38%) stating it’s in the top three.
- Meeting employee demands: EWA isn’t just appreciated — it’s actively sought after. 44% of companies report that their employees specifically request EWA benefits, second only to 401(k) programs (56%).
Why Employers Should Act Now
The benefits of offering EWA extend beyond employee satisfaction. By implementing EWA, employers can:
- Improve employee financial wellness: Provide employees with more control over their earned wages to improve financial wellness, potentially leading to increased productivity and job satisfaction.
- Demonstrate employee-first values: An EWA benefit displays a company’s employee-first culture and is committed to improving employee financial wellness.
- Increase employee recruitment and reduce turnover: Financial stress is a significant factor in employee turnover. EWA can alleviate some of this stress and help reduce turnover rates and associated costs.
- Boost employee engagement: Employees who feel their employer addresses their needs are more likely to be highly engaged and committed to their work.
Our research clearly shows that EWA is a financial wellness benefit that makes a real difference in employees’ lives. As more workers seek financial flexibility and security, EWA stands out as a benefit that delivers tangible results.
Adopting EWA isn’t just about keeping up with benefit trends — it’s about investing in your workforce’s financial wellness, improving job satisfaction, and potentially boosting your bottom line through increased retention and productivity.
As a strong labor market competition continues, offering EWA will become a necessity. Don’t wait — consider implementing earned wage access in your benefits package today. Your employees and your business will thank you.
Methodology:
Incentivized quantitative research survey sent out via email to internal client lists. The survey was sent in two waves, the first being April 19th-26th 2024, and the second being July 3rd-11th 2024. Survey results consist of a sample of 73 existing DailyPay clients. For this study, the sample data is accurate to within ± 6.1 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.
All information herein is for educational purposes only and should not be relied upon for any other use. The information herein does not constitute the rendering of financial advice or other professional advice by DailyPay. No fiduciary obligation or duty exists, or is created, between you and DailyPay. DailyPay does not warrant the completeness or accuracy of any information provided to you.
1 DailyPay Client Survey, July 2024:DailyPay, 2020
2 DailyPay Client Survey, July 2024:DailyPay, 2020
