A new co-branded survey from the Mercator Advisory Group and DailyPay, of salaried workers earning less than $75,000 per year, reveals that by introducing an on-demand pay benefit, employers can help their workers reduce the stress associated with paying monthly bills. Most notable and relevant today, nearly half (46%) of those polled are stressed by having to pay monthly medical bills.
DailyPay is an employer-offered benefit that allows employees to access money from earned income prior to payday. This financial flexibility and empowerment over their pay reduces stress and increases attendance and productivity at work.
The survey indicates that the timing of cash flow is highly important to workers, and the option of flexible withdrawal of earned income before payday can be critical to their quality of life and quality of work. While those polled are generally confident in their ability to meet most of their basic needs on a regular basis, a single unexpected expense, such as a medical bill, can be financially devastating. COVID-19 has simply underscored this urgency. In fact, one-quarter (24%) of the respondents to the Mercator/DailyPay survey, said that a bill of less than $1,000 would require them to seek alternative funding.
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