The Monetary Wellness Profit Can Be Important, Notably Throughout Instances of Excessive Inflation, Excessive Fuel Costs and Monetary Challenges
Almost Eight in 10 Surveyed Point out DailyPay Helps Them Keep away from Pricey or Predatory Alternate options
NEW YORK, Sept. 8, 2022 /PRNewswire/ — Amid continued inflation and the excessive value of on a regular basis gadgets, tens of millions of working People are using crucial monetary wellness advantages provided by their employers to assist pay payments. A brand new report from the Mercator Advisory Group (commissioned by DailyPay) finds that just about eight in 10 (77%) survey respondents stated that DailyPay’s on-demand pay profit helps them get monetary savings by avoiding different costlier options to deal with bills.
With some research displaying as a lot as 77% of People carrying some type of debt, inflation could be probably financially crushing. For most of the roughly 58% of People, dwelling paycheck to paycheck, in accordance with a latest LendingClub report, assist from their employers is critical to outlive these seemingly insurmountable monetary challenges. On-demand pay advantages might help workers higher handle their money circulate and keep out of a cycle of debt. Over 90% of respondents within the Mercator examine reported enchancment or elimination of reliance on legacy monetary options like overdraft charges, payday loans and late charges.
“On-demand pay options have highlighted the advantages these versatile pay choices supply to employees to keep away from costly types of financing and assist make ends meet,” stated Sarah Grotta, Director of Debit Advisory Service, Mercator Advisory Group. “With this examine, we are able to now quantify the extent of financial savings employees obtain by reducing or avoiding altogether using payday loans, overdraft charges and late charges from billers.”
The power to entry earned pay could make the distinction between making a cost on time or incurring a excessive payment. Over half (53%) of the respondents within the Mercator examine famous that utilizing on-demand pay helped them keep away from late charges to billers.
The value of groceries rose 12.2% within the final yr. Not surprisingly, 78% of respondents to the Mercator survey say grocery payments have been the highest space during which they used on-demand pay help probably the most, adopted by utilities (64%), and transportation and automotive insurance coverage (54%).
“This analysis confirms on-demand pay could be an efficient answer to the overdraft and predatory debt disaster,” stated Matthew Kopko, Vice President, Public Coverage, DailyPay. “With entry to on-demand pay, employees report a considerably elevated means to take management of their monetary future,
For extra data on Mercator’s report, together with Survey Methodology, see right here.
About DailyPay
DailyPay, powered by its industry-leading expertise platform, is on a mission to construct a brand new monetary system for everybody. DailyPay delivers the {industry}’s main on-demand pay answer with fashionable, insight-driven pay methods that assist America’s main employers to activate their workforce and construct stronger relationships with their workers in order that they really feel extra engaged, work more durable, and keep longer. By its large knowledge community, proprietary funding mannequin and connections into over 6,000 endpoints within the banking system, DailyPay works to make sure that cash is at all times in the suitable place on the proper time for employers. DailyPay is headquartered in New York Metropolis, with operations primarily based in Minneapolis. For extra data, go to www.dailypay.com/press.
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