Earned Wage Access is Here to Stay— and Here’s Why
Have you heard of Earned Wage Access?
Earned Wage Access - or EWA - is a popular, newer solution that allows employers to pay their employees before their next payday.
There were 55.8 million Earned Wage Access uses totaling $9.5 billion in 2020.
In 2018, people accessed their earned wages 19.6 million time, totaling $3.2 billon. By 2020, that number tripled, making it evident that employees saw the benefit of Earned Wage Access.
More than 75% of Earned Wage Access users requested to receive funds instantly.
With the ability to access earned wages on the same day, employees can avoid the stress of being unable to pay bills or handle unexpected expenses, like a flat tire.
Over 300k Walmart employees use Earned Wage Access.
Walmart, one of the United States’ largest retailers, uses Earned Wage Access to recruit and retain employees. In fact, it’s the third most used benefit among Walmart employees.
Over $1.13 billion was raised by startups offering EWA products in 2021.
Even though Earned Wage Access is still in its early stages, it has massive potential. Startups offering EWA solutions raised over one billion dollars in 2021. Who knows what 2024 and beyond will bring?
Nearly 60% of users say access to their earned wages motivates them to go to work.
By giving users access to their daily earnings, employees can focus on work without the constant stress of financial worries. This relief means better productivity and engagement for you!
EWA will undoubtedly become more prominent in the work world, leading to happier employees, increased business revenue, and growth. Start exploring how Earned Wage Access can help you today!
