{"id":46903,"date":"2024-07-23T17:43:14","date_gmt":"2024-07-23T21:43:14","guid":{"rendered":"https:\/\/www.dailypay.com\/?p=46903"},"modified":"2024-07-24T10:00:03","modified_gmt":"2024-07-24T14:00:03","slug":"now-is-the-time-to-adopt-earned-wage-access","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/resource-center\/blog\/now-is-the-time-to-adopt-earned-wage-access\/","title":{"rendered":"Now Is the Time To Adopt Earned Wage Access"},"content":{"rendered":"\t\t
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Why EWA Game-Changing Financial Wellness Benefit<\/span><\/h2>

Employee financial wellness has become a key area of focus for both employees and employers.\u00a0<\/span><\/p>

As employers strive to provide comprehensive benefits packages, many are embracing new high-impact financial wellness benefits to help team members manage financial challenges.<\/span><\/p>

According to a new nationwide survey of employers offering <\/span>DailyPay\u2019s earned wage access platform<\/span><\/a>, it ranks as a critical component of their financial wellness benefits.\u00a0<\/span><\/p>

The Growing Popularity of Earned Wage Access<\/span><\/h2>

As the popularity of earned wage access (EWA) continues to increase, employers can\u2019t afford to be left behind.<\/span><\/p>

Recent research proves that EWA has quickly become one of the most popular financial wellness benefits. According to new DailyPay\u2019s survey data1<\/sup>:<\/span>\u00a0<\/span><\/p>

  • 25% of employers mention DailyPay is the most-adopted overall benefit, above healthcare benefits.\u00a0\u00a0<\/span><\/li>
  • Earned wage access (68%) is considered more than twice as popular among our clients as financial coaching (30%).\u00a0<\/span><\/li>
  • 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%).<\/span><\/li>
  • Earned wage access (59%) was tied with 401(k) programs (59%) as the most-used financial wellness benefit.\u00a0<\/span><\/li><\/ul>

    The Financial Wellness Impacts of EWA\u00a0<\/span><\/h2>

    The popularity of EWA isn’t just about availability \u2014 it’s about real, tangible employee benefits. Here’s why EWA is making such a significant impact2<\/sup>:<\/span><\/p>

    • Day-to-day impact:<\/b> 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%).\u00a0<\/span><\/li>
    • High adoption rates: <\/b>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.<\/span><\/li><\/ul>
      • Meeting employee demands: <\/b>EWA isn’t just appreciated \u2014 it’s actively sought after. 44% of companies report that their employees specifically request EWA benefits, second only to 401(k) programs (56%).<\/span><\/li><\/ul>

        Why Employers Should Act Now<\/span><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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