FEATURE
Can making pay more flexible boost financial wellbeing?
Flexible pay, or earned wage access (EWA), lets employees access part of the money they have already earned, before payday.
This means they can release funds without having to resort to costly borrowing.
Alongside budgeting and payroll saving tools, flexible pay can deliver a real boost to financial wellbeing for employees.
Poor financial wellbeing is a problem
Financial stress negatively impacts employees' mental wellbeing, health, and performance.
77% of workers have experienced financial stress in the past 12 months
54% of these say it has affected their productivity at work
45% are losing sleep to it (Under Pressure)
Flexible pay benefits both the employee and the employer
Reduced financial stress: Help employees avoid the stress of unexpected expenses or cashflow problems by providing a reliable safety net.
Increased productivity and engagement: Employees who are financially well are more likely to be productive and engaged at work.
Retention: Offering this facility will promote employees' financial wellness and foster a positive engagement with their employer, which may encourage them to stay for longer.
Financial education and savings support
Alongside flexible pay, it's crucial to offer financial education and support.
Helping employees learn how to budget, save, and access benefits means better money management and less financial stress.
Discover MyView PayNow, our financial wellbeing app, featuring:
Track: pay and spend budgeting tool
Flexible pay
Build – payroll-linked savings
Financial health tools and information
Flexible pay (earned wage access)
Payroll-linked savings
Budgeting and tracking tools
Financial education and support
All of these
None of these
Uncover the true impact of financial stress at work
Download report
Source: Wagestream
