Getting Paid Any Day: The Power of Immediate Earned Wage Access

Having access to your earned wages as soon as you earn them can be a total game-changer. According to a study, 76% of workers live paycheck to paycheck, which can lead to financial stress and anxiety.

This issue is particularly prevalent among low-income workers, who often rely on their next paycheck to cover essential expenses. In fact, 60% of low-income workers report using payday loans or other high-cost credit options to make ends meet.

Immediate earned wage access programs can help alleviate this problem by providing workers with access to their wages as soon as they're earned. This can help reduce financial stress and improve overall well-being.

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EWA is a zero-cost benefit for employers that can improve hiring, retention, and employee satisfaction. It integrates seamlessly with existing payroll systems and streamlines payday.

Over 26 million American workers are already accessing their earned wages before payday, thanks to EWA offered by their employers. This is a huge number, and it's growing every year.

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EWA can help employees avoid costly fees associated with borrowing money. This is a major advantage for employees who struggle to make ends meet between paychecks.

Timely access to earned wages helps tackle day-to-day finances without worry. Employees can breathe a sigh of relief knowing they have a lifeline to help them avoid financial stress.

In 2020, American workers used EWA 55.8 million times, equating to over $9.5 billion. This shows just how popular and effective EWA is in helping employees manage their finances.

With EWA, employees no longer have to run up high-interest credit cards to cover unexpected expenses. This is a huge weight off their shoulders, and it's a major benefit of EWA.

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To get started with earned wage access, you'll need to set up the app or platform and link your bank account, which your employer will likely determine and connect to their payroll system. This will give you a clear picture of how much of your paycheck you've earned.

Your employer will probably set a limit on how much of your paycheck you can request, so be sure to check that before making a request. You can request a portion of your paycheck, and the app will let you know if you're within the allowed limit.

Before making a request, review the terms and potential fees associated with the app or your employer. Some apps or employers may charge a fee when you make a request, so it's essential to be aware of this before proceeding.

The advanced amount will be deducted from your next paycheck, ensuring a seamless repayment process. This means you won't have to worry about making separate payments or dealing with complicated repayment schedules.

Here's a step-by-step overview of the process:

EWA is a zero-cost benefit for employers, which can improve hiring, retention, and employee satisfaction. It integrates seamlessly with existing payroll systems and streamlines payday.

Employees report reduced financial stress with access to a lifeline that helps them avoid costly fees associated with borrowing money. This benefit is particularly useful for employees who need to cover unexpected expenses or make ends meet between paychecks.

Earned wage access (EWA) is a financial wellness benefit that allows employees to access a portion of their already-earned wages in between pay periods. Nearly half of working Americans (49%) are frequently short on money before payday, indicating a continued reliance on paycheck-to-paycheck living.

Employees can use EWA to quickly and easily make up for unexpected budget shortfalls, buy groceries, put gas in their car, and more. According to Visa research, 9 out of 10 employees want EWA, highlighting its importance as a benefit.

Here's how EWA works:

By providing EWA, employers can improve employee retention rates by up to 27%, as seen by Instant's clients. Employees also want to work for employers that offer daily pay, with 79% of workers more interested in applying for a job that pays them the same day they work.

EWA is a benefit that's available to employees of organizations that partner with Payactiv. This means that your business needs to be enrolled first.

The good news is that EWA is a zero cost benefit for employers, so it's a win-win for everyone involved.

To use EWA, you'll need to be an employee of a partner organization, but that's about it.

Meet worker, Wendy, who's short $50 at the grocery store. She doesn't want to rely on her high interest credit card or have to resort to a payday loan.

According to Instant's 2024 Wages and Wellbeing Study, nearly half of working Americans (49%) are frequently short on money before payday, indicating a continued reliance on paycheck-to-paycheck living.

Wendy uses AnyDay and accesses a portion of her earned pay, instantly having $50 in her AnyDay wallet to buy her groceries.

On payday, her paycheck will be $50 less to reflect what she has used for groceries. This is a common practice with earned wage access programs like AnyDay.

For hourly employees, earned wage access is a game-changer. It's a financial wellness benefit that helps bridge the gap between workday and payday.

Many hourly workers have long been denied the same perks as salaried employees, but EWA is changing that. It's a zero-cost benefit for employers that can improve hiring, retention, and employee satisfaction.

Hourly employees often struggle with unexpected budget shortfalls, but EWA allows them to access a portion of their already-earned wages to cover expenses. This can be a lifeline, helping them avoid costly fees associated with borrowing money.

According to Instant's 2024 Wages and Wellbeing Study, nearly half of working Americans (49%) are frequently short on money before payday. This highlights the need for EWA as a solution to paycheck-to-paycheck living.

Here are some benefits of EWA for hourly employees:

By providing EWA, employers can show their hourly employees that they care about their financial wellbeing and are invested in their success.